Update on Option to Acquire 50% of an Advanced Geothermal Power Generation Project in Turkey.
Wasabi’s Turkish subsidiary Imparator Enerji signed an option to take a 50 per cent stake in the Tuzla Geothermal Power Project (TGPP) in April subject to partner and regulatory approval.
TGPP owner and operator Enda Enerji has now given its go-ahead, though the exercise of the option remains subject to the project lender's consent as well as regulatory approvals, Wasabi said.
The total consideration for the option is US$11.75 million (including a US$5 million loan note).
The project includes an operating 7.5 MWe geothermal power plant in Canakkale Turkey, with opportunities to expand further.
Historical studies indicate geothermal power generation potential of up to 80 MWe said Wasabi, which has started work on a pre-feasibility study for the development of a first stage 14 - 17.5 MWe build-out.
Wasabi will develop the project with Enda, which is an experienced power plant developer and operator in Turkey.
The TGPP covers an area of approximately 11sq km of a very shallow and relatively high temperature geothermal zone in North Western Turkey and hosts a recently installed and currently operating 7.5 MWe power plant.
The Tuzla geothermal field has also been extensively studied and drilling has confirmed the TGPP as a major regional geothermal resource.
Wasabi added the proposed 14 - 17.5 MWe first-stage build-out at the TGPP may utilise its Kalina Cycle technology, which has the potential to increase power generation at the project by 20 per cent.
Wasabi said the option and development work would be funded through asset sales and other capital raising initiatives.
Wasabi will develop the project with Enda, which is an experienced power plant developer and operator in Turkey.
The TGPP covers an area of approximately 11sq km of a very shallow and relatively high temperature geothermal zone in North Western Turkey and hosts a recently installed and currently operating 7.5 MWe power plant.
The Tuzla geothermal field has also been extensively studied and drilling has confirmed the TGPP as a major regional geothermal resource.
Wasabi added the proposed 14 - 17.5 MWe first-stage build-out at the TGPP may utilise its Kalina Cycle technology, which has the potential to increase power generation at the project by 20 per cent.
Wasabi said the option and development work would be funded through asset sales and other capital raising initiatives.
