France's Albioma acquires majority stake in Turkey's Gumuskoy geothermal power plant
Photo: Gumuskoy Geothermal Power Plant by ThinkGeoEnergy, license: CC BY 2.0
France-based independent renewable energy producer Albioma said it completed the acquisition of a 75% stake in Turkish geothermal power plant Gumuskoy.
The remaining 25% shareholding interest in the power plant located in Izmir region was acquired by Turkish industrial services provider Egesim, Albioma said in a press release on Tuesday, without disclosing the value of the deal.
This is Albioma's first geothermal power plant, the company said, adding the acquisition gives the company a bridgehead in a new business characterised by significant technical added value, offering a strong fit with the group's well-established biomass and solar energy businesses.
"This investment diversifies Albioma's production mix and is fully consistent with the company's strategic approach, which aims to increase the proportion of renewable energy in its mix to between 95% and 100% by 2030," it explained.
The Gumuskoy power plant was commissioned in 2013 with a gross capacity of 13 MW. The power plant uses heat from four production shafts to generate electricity under the terms of an operating licence valid until 2040, with scope to extend for an additional 10-year period, according to the press release.
"The plant currently exports up to 45 GWh of renewable electricity to the grid annually," Albioma said, adding that together with the existing personnel retained by the French company, improvement works will be carried out at the facility in order to increase its output.
With an installed capacity approaching more than 1,600 MW, Turkey ranks fourth in the world for installed geothermal capacity, with considerable potential for future development, Albioma noted.
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.