Wasabi Energy will now develop Tuzla Geothermal Power Project in form of a 50-50 joint venture with the current project operator, Egenda Ege Enerji Uretim, an independent power producer based in Izmir, Turkey.
Commenting on the acquisition, Wasabi Energy executive chairman John Byrne said, "We will be working closely with Egenda to develop plans for the existing plant and the development of the rest of the field which offers a number of opportunities for the Kalina Cycle".
As per the terms of the option agreement, Wasabi Energy, through its subsidiary Imparator Enerji made the final purchase payment and will pay about $3.6m for the exercise of the option exercisable until December 2013.
Imparator Enerji will held the option through its newly established entity, Imparator Tuzla Jeotermal Enerji Uretim.
The proposed acquisition of interest in the 11km² project was announced by the company last year.
