The European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB) and the Black Sea Trade and Development Bank (BSTDB) are contributing to a financial package worth US$350 million for three new units at the plant.
EFELER is located in western Turkey, in the region of the Büyük Menderes Graben basin, the area in Turkey with the greatest potential for geothermal energy.
Gürmat Elektrik, a renewable energy subsidiary of Güriş Holding, is using the finance for the expansion at EFELER that will tap into locally available geothermal resources.
Of the three new units, EFE-6 with 22.6 MW capacity and EFE-7 with 25 MW are already operational. EFE-8 with a capacity of 50 MW is still under construction.
When fully completed in 2020, the plant’s eight units will have a total installed capacity of 260 MW.
Under the financing package, Gürmat Elektrik will receive US$100 million loan from the AIIB, a US$60 million loan from the EBRD and US$20 million loan from the BSTDB.
In parallel, Turkey’s largest commercial lender Isbank is providing US$90 million loan, and the Industrial Development Bank of Turkey TSKB and ICBC Turkey are making loans of US$50 million and US$30 million, respectively.
Country updates
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