Milliyet – New Generation Power International (NGPI) of Chicago, IL, has announced plans to invest in Turkey’s energy potential by installing and operating a 100-megawatt (MW) geothermal power plant.
The American company will form a JV with three local firms – Yilsan Holding, Mineks International, and DCM Energy – for the USD 400 million investment, which will initially go online by the end of this year with a 10-MW output. The plant to be located in northwestern Turkey will reach full capacity before the end of 2017.
“There is enormous potential to leverage Turkey's natural resources to fuel the country's growth and provide electricity to its people for the next 20 years,” NGPI Chairman Chirinjeev Kathuria said in a statement on the company website.
Turkey ranks 7th in the world and 1st in Europe with regard to geothermal resources, according to data from the Mineral Research and Exploration Agency of Turkey (MTA). The country plans for 120,000 MW of installed capacity in 2023, a third of which will be generated from renewable sources.