Turcas Petrol AŞ, based in Istanbul, plans to invest UDS 65 million (EUR 58.84 million) in a geothermal project in Aydin province and start generating power in 2017 as part of its joint long-term transformation strategy with Azerbaijan’s Azalternativenerji to invest in renewables in both countries, the company’s chief executive officer Batu Aksoy said. A recent statement released by Turcas Petrol through the Public Disclosure Platform (KAP) on July 21 said the company signed a good-will agreement for three years with Azalternativenerji, which operates within Azerbaijan’s State Agency on Alternative and Renewable Energy Sources (Saares), with the objective of cooperating and developing joint projects to invest in power plants that are based on solar and wind energy and geothermal resources in Turkey and Azerbaijan, Daily Sabah reported. “We had said that we will use our resources in projects that will provide value for our shareholders and allow us to diversify our electricity generation portfolio,” the newspaper quoted Aksoy.
According to the company’s website, Turcas is an integrated energy companies that operates in the fields of oil and energy, power investments, renewable energy, fuel retail and lubricants distribution, natural gas projects, power generation and trading. It has long-standing partnerships with Shell, E.ON and RWE. Turcas Renewable Energy Generation is developing geothermal power generation, with exploration licenses obtained in the provinces of Aydın, Denizli and Izmir. The company began drilling operations in Yöre village, Pamukören, Kuyucak, Aydın in the fourth quarter of 2012, and found energy sources. Turcas Renewable is looking for acquisition opportunities in feasible wind, solar and hydro energy projects.