BSTDB Supports Development of Geothermal Energy Generation in Türkiye

Press Release | 29-Jun-2015

The Black Sea Trade and Development Bank (BSTDB) will co-finance  the construction and operation of the Efeler geothermal power plant  in Türkiye. BSTDB will provide a USD 65 million loan to Gurmat Elektrik Uretim A.Ş., a subsidiary of Guris Holding, a leading Turkish renewable energy company.

The BSTDB’s financing will come alongside loans from the European Bank for Reconstruction and Development, the Industrial Development Bank of Türkiye, and Işbank, a leading Turkish commercial bank.

The Efeler power plant is located near the western town of Germencik, the area in Türkiye with the greatest potential for geothermal energy. The plant will have five units, three of which are already operational. When fully completed later this year, the plant will reach the capacity of 170 MW, making it one of the ten largest geothermal plants in the world.

The operation will expand the capacity of Türkiye to tap into cleaner energy resources and will also create new employment opportunities in the region.

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Established in 1958, Guris Holding, the project’s sponsor, is one of the largest Turkish business groups, operating in the fields of infrastructure construction, general industry, mining and the energy generation (www.gurisholding.com). The group is owned by the prominent Turkish Yamanturk family. The company Gürmat Elektrik Üretim A.Ş. was established in 1999 with the purpose to construct and operate a set of the geothermal power plants, based on the Germencik geothermal field.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contact:

Haroula Christodoulou

Phone: +30 2310 290533

E-mail: cchristodoulou@bstdb.org