A subsidiary of Turkish renewable energy firm Güris Holding is building the plant, which is due to be completed later this year.
The facility features five units that are located near the western town of Germencik in the Buyuk Menderes Graben.
The under construction plant has five units, out of which three are already operational. Upon completion, the Efeler facility will increase Turkey’s installed geothermal capacity by about 30%.
Turkey’s geothermal potential is projected at around 4GW, of which just 427MW has been developed so far.
Türkiye Is Bankasi is also providing $325m loan for the Efeler plant. In addition, Turkiye Sinai Kalkinma Bankasi and the Black Sea Trade and Development Bank are providing $130m and $65m loans respectively.
EBRD director for power and energy Nandita Parshad said: "At the EBRD we are strong supporters of geothermal sources of energy as a way forward for Turkey’s energy mix.
"Geothermal technology combines high efficiency with renewable energy and can also serve to satisfy baseload demand. If the country realised all of its potential of 4GW geothermal, it would be equal to adding a further 12-15 GW of wind or solar power."
By 2023, Turkey is planning to add 34GW of hydropower, 20GW of wind energy, 5GW of solar energy, 1GW of biomass and 1GW of geothermal to its energy mix.
Image: EBRD plays a leading role in securing long-term funding for Efeler project. Photo: courtesy of European Bank for Reconstruction and Development.
