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Turkish contractor and solar power plant operator Margün Energy, which is expanding to geothermal energy including lithium extraction, acquired nine geothermal licenses that enable access to a potential power production capacity of 505 MW. It counts on USD 405 million per year from electricity sales alone.
Margün Energy, listed at the Istanbul Stock Exchange since 2021, said it would establish a subsidiary called Margün Jeotermal. It would be responsible for nine geothermal licenses in the provinces of Denizli, in southwestern Turkey, and Manisa, in the west.
The company said it is targeting 3.86 TWh in annual electricity output upon completing the investments. In a regulatory filing, Margün Energy revealed that it conducted the transaction through its fully-owned subsidiary Bosphorus Yenilenebilir Enerji, which would own 77.5% of the new business.
Having a potential new power production capacity of 505 MW overall, the company counts on USD 405 million in sales. It translates to an annual earnings before interest, tax, depreciation and amortization of USD 324 million, it added.ž
Turkey is the fourth in the world in geothermal power capacity.
The company mostly operates solar power plants and works as a contractor for engineering, procurement and construction (EPC) and operations and maintenance.
Notably, it owns the largest stake in Enda Energy Holding. The affiliate operates four hydropower plants, five wind power plants, one geothermal power plant and three solar power plants of 200 MW altogether.
Margün Energy intends to search for lithium in geothermal waters in Seferihisar in western Turkey, where it took over a 12 MW geothermal power plant earlier this year. It also launched a project to add a photovoltaic unit of 5.4 MW to the existing facility and create a hybrid power plant.
Turkey is the fourth in the world in geothermal power capacity.
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