Icelandic EFLA and
Crescent Capital
to cooperate

turkey

Icelandic EFLA and Crescent Capital to cooperate on geothermal development in Turkey.

 

With the country considered to be among the top ten countries with geothermal resources in the world, there are numerous opportunities in the Turkish geothermal market. Icelandic engineering firm EFLA, has actively worked on geothermal projects in Turkey since 2007.

 

"EFLA and its cooperating partners have been working on developing of geothermal projects and operating geothermal power plants with number of companies in Turkey, thereby gaining a strong track-record and gaining experience in the growing geothermal market in the country. All our clients share our goal to have a sustainable geothermal system with a good reinjection program," states Mr. Runar Magnusson, Mechanical Engineer, Director at EFLA Geothermal Division. "But EFLA Engineers is also one of the leading companies in Europe in the provision of engineering services for high voltage transmission lines, underground cables, pylons and substations having worked on projects world-wide, including the Turkish market. The geothermal sites in Turkey are different in character and potential. Depending on the resource temperature, resources can be used for power generation from the available fluid/steam either suitable for flash, or binary solutions, or the heat used directly, e.g. in heating applications. There is an increasing interest in direct use of geothermal heat in Turkey for district heating and spa centers. With about 90% of all homes heated by geothermal in Iceland and geothermal used for spas and swimming pools, we at EFLA have a deep understanding of geothermal district heating and other direct use applications."

 

Arranging suitable financing is always crucial for the successful implementation and development of projects. Funding the initial development steps has to be secured at the same time as exploration work is conducted. "To attract funding, projects need to have seen sound and coherent exploration work performed by a qualified team of experts. Their work needs to withstand review by specialist hired by financial institutions. With drilling cost of US$4 to 6 million per well, poor exploration data can be devastating for the project and the funding entity. Financial institutions need to trust in the engineering work and the estimated power potential of the project. Unsuccessful initial drilling results often lead to an end of further development and the exit of investors. Thus, we see our work as a crucial help for investors and developers to plan their projects in line with acceptable returns and the availability of potential funding, but also to better understand expected risks and returns," says Ingi Ingason, financial consultant and project manager at EFLA.

 

In Turkey, EFLA cooperates with Istanbul-based Crescent Capital, an independent private equity firm, with valuable experience in renewable energy and geothermal energy development and financing in Turkey.

 

EFLA is at the World Geothermal Congress in Melbourne, Australia as we speak. For more information on EFLA's activities and services contact This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

For further information see article here.

 

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