January 24, 2011 / 2:35 PM / 9 years ago

Enel GP to search for geothermal power in Turkey

MILAN, Jan 24 (Reuters) - Enel Green Power EGPW.MI, Italy’s biggest renewable energy company, has agreed a deal to develop geothermal energy in Turkey as the group moves to expand.

Enel Green Power (EGP) said on Monday it has reached an agreement with the Uzun group to set up a company that will hold 142 exploration licenses to explore for geothermal resources in the west of Turkey.

Installed geothermal capacity in Turkey stands at 86 megawatts and Ankara intends to develop an additional 600 megawatts through 2015, EGP said.

Turkey’s regulatory framework provides for 10-year incentives that vary according to the energy resource used with a further five-year incentive if the equipment used is made in Turkey.

EGP, which started trading last November after what had been Europe’s biggest initial public offering for the year, has over 600 renewable energy plants in 16 countries.

At the end of the first half of 2010 about 13 percent of EGP’s installed capacity was geothermal.

The group aims to spend 5.2 billion euros through 2014 to add 3,500 megawatts of new capacity from its current 5,700 megawatts.

Reporting by Stephen Jewkes, editing by William Hardy

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