France's Albioma in talks to acquire 2nd geothermal power plant in Turkey

France-based independent renewable energy producer Albioma said that it entered into exclusive negotiations with Istanbul-based Turcas Petrol with a view to acquiring a second geothermal power plant in Turkey, in the Aydin province.

The transaction, which is expected to be completed in the coming months, is subject to a number of conditions precedent, including prior issuance of the necessary licenses by the relevant regulatory and competition authorities, Albioma said in a statement on Tuesday.

Turcas Petrol's wholly-owned subsidiary Turcas Kuyucak Geothermal Power Generation (TKG) which also operates in the field of renewable energy, is the owner and operator of a geothermal power plant in Aydin with an installed capacity of 18 MW. The power plant commenced its commercial operations in full capacity at the end of 2017. The plant generated 75.34 million kWh of electricity in 2020, according to information published on the website of Turcas Petrol.

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

Albioma, which operates in Overseas France, Mauritius and Brazil, has developed a unique partnership for 25 years with the sugar industry, to produce renewable energy from bagasse, a fibrous residue from sugar cane. Albioma is also the leading generator of photovoltaic power overseas where it constructs and operates innovative projects with integrated storage capabilities, according to information published on the company's website.

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