New Generation Power International announces joint venture
Global independent power producer New Generation Power International (NGPI), headquartered in the United States, announced a joint venture with Yılsan Holding, Mineks International and DCM Energy to develop, own and operate a 100 MW geothermal project in Turkey.
Turkey has previously stated its goal to source 30% of its power needs from renewable energy, including 1 GW of geothermal, by 2023. “NGPI’s goal is to be a leader in global renewable energy generation, and Turkey is one of several countries of importance to us,” said Chirinjeev Kathuria, founder and chairman of NGPI. The project will be built in the northwest region of Turkey, and will be constructed in three phases – the initial 10 MW is to be completed by this year’s end, while an additional 40 MW is intended to be operational by the end of 2016. The remaining 50 MW is planned to be launched by the end of 2017.
Once completed, the geothermal plants aim to generate electricity for at least 20 years. Total project investment is estimated to be around USD 400 million.