Wasabi Energy subsidiary Imparator Enerji has completed the terms of a previously announced option agreement to acquire a 50% interest in an advanced geothermal project located in the Republic of Turkey.
The option agreement for the Tuzla Geothermal Power Project, which was first announced on 4 April 2012.
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Imparator Enerji has made the final purchase payment of $2.65m, under the terms of the option agreement.
The option will be held by a subsidiary company of Imparator Enerji, to be known as Imparator Tuzla Jeotermal Enerji Uretim, which is currently being established.
Under the new terms, Wasabi Energy will develop the project through a 50/50 joint venture with the current project operator, Egenda Ege Enerji Uretim.
Wasabi Energy will be required to pay approximately $3.6m for the exercise of the option exercisable until December 2013.
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By GlobalDataThe amount is equal to the 50% of the equity capital invested by Egenda in the project, which covers an area of approximately 11km2.
Wasabi Energy executive chairman John Byrne commented, "We will be working closely with Egenda to develop plans for the existing plant and the development of the rest of the field which offers a number of opportunities for the Kalina Cycle.
