| Project Detail |
The Asian Infrastructure Investment Bank (AIIB) is considering a senior loan of USD100 million to Gürmat Elektrik Uretim
A.S. (Gürmat Elektrik or the Company) as part of a USD350 million project finance facility alongside the European Bank
for Reconstruction and Development (EBRD), Türkiye Is Bankasi, Türkiye Sanayi ve Kalkinma Bankasi and the Black Sea
Trade and Development Bank, to support the construction and operation of the Efeler 97.6MW Geothermal Power Plant
Expansion Project (Gürmat-2 GPP Expansion or the Project).
The Project consists of the construction of three additional geothermal power plant (GPP) units, including their associated
production and reinjection wells, pipelines, electricity switchyards and transmission lines. The Efeler GPP units currently
in operation are Gürmat-1 (Germencik, also known as Galip Hoca) and Gürmat-2 (Efe-1, Efe-2, Efe-3 and Efe-4), which
jointly amount to 162.3 MW of combined installed capacity. The three additional GPP units associated with the Project
(Efe-6, Efe-7 and Efe-8) will increase the operating capacity of the Efeler GPP to 259.9 MW by October 2020, when the
Efe-8 GPP reaches commercial operation. Efe-6 and Efe-7 GPP units are in operations since August 2017 and October
2018, respectively.
Gürmat Elektrik was established in 1999 to build and operate a set of GPPs in the Germencik geothermal field located
near Aydin (western Turkey). Gürmat Elektrik is owned 85% by Mogan Enerji Yatirim Holding A.S. (Mogan Enerji), 0.56%
by Gurenerji Elektrik Uretim Ltd. Sti. (Gurenerji), 4.72% by Güris Holding A.S. (Güris Holding) and 4.72% by Güris Insaat
ve Muhendislik A.S. (Güris Insaat, referred together with Mogan Enerji, Güris Holding and Güris Insaat, the Sponsors).
The remaining 5% of the Company is owned by Mr. Müsfik Hamdi Yamantürk.
Güris Holding, is a Turkish conglomerate with interests in the construction, energy, and industrial sectors. Through its
subsidiaries and affiliates, Güris holds Turkeys second largest GPP portfolio (as of end of 2018). Mogan Enerji, Güris’
affiliate for energy developments, aims to become a leading energy generation company in Turkey through the development of renewable energy projects. In line with this goal, Mogan currently owns multiple geothermal, wind and
hydroelectric power plants. Mogan’s geothermal energy developments are executed by Gürmat Elektrik.
Objective To increase power generation of renewable geothermal resources |
