France's Albioma wraps up buy of second geothermal power plant in Turkey

France-based independent renewable energy producer Albioma said it completed the acquisition of 100% interest in Turkish geothermal power plant Turcas Kuyucak Jeotermal Elektrik Uretim, for an undisclosed price.

The approval of the Turkish competition authorities, obtained on February 3, allowed for the transaction to be finalised, Albioma said in a statement on Monday.

The acquisition of the 18 MW plant, now renamed Albioma Kuyucak Jeotermal Elektrik Uretim, confirms Albioma's entry into the geothermal business, with high technical added value, complementary to its historical biomass and solar businesses, the company noted.

"We will benefit from the synergies between the neighboring plants of Gumuskoy and Kuyucak and will be able to capitalise on the know-how of our teams to deploy it in new geographies," Frederic Moyne, chairman and CEO of Albioma, noted.

Last year, Albioma completed the acquisition of a 75% stake in Turkish geothermal power plant Gumuskoy for an undisclosed price. The remaining 25% interest in the power plant located in the Izmir region was acquired by Turkish industrial services provider Egesim.

In December, Albioma entered into exclusive negotiations with Istanbul-based Turcas Petrol with a view to acquiring a second geothermal power plant in Turkey. Turcas Petrol's wholly-owned subsidiary Turcas Kuyucak Geothermal Power Generation (TKG) was the owner and operator of the Turcas Kuyucak geothermal power plant located in Aydin province.

The power plant was commissioned at the end of 2017 and is based on an operating license expiring in 2042, with the possibility of a 10-year extension. It produces electricity from five wells for a net exported production of 83 GWh at the end of 2021, according to the statement.

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