EBRD Mulls $150 Mln Loan to Turkey's Gurmat Elektrik for 123.3 MW Geothermal Project

The European Bank for Reconstruction and Development (EBRD) said it is considering providing a senior loan of up to $150 million (118 million euro) to Turkish firm Gurmat Elektrik Uretim for the development of a 123.3MW geothermal power plant (GPP) in the western Turkish province of Aydin.

The project is estimated at $970 million. The remainder of the required funding is expected to come from international financial institutions, commercial banks, sponsors’ equity or shareholder loans, the EBRD said in a statement on Wednesday.

The proposed EBRD financing is pending final review scheduled for November 26.

Gurmat Elektrik was established in 1999 to develop and operate a set of geothermal power plants in the Germencik geothermal field in the western Anatolia region. The company’s first 47.4 MW plant has been in operation since 2009.

Gurmat Elektrik is directly or indirectly owned by the Yamanturk Family through Mogan Enerji with 85%, Guris Holding and Guris Insaat with 4.72% each, EBRD said.

Source: SeeNews