Dutch Transmark Renewables assumes full ownership of Turkish geothermal development company Sonsuz Enerji Holding, having purchased remaining shares of JV partner Geothermeon AG.
Reported last week, Dutch Transmark Renewables and German Geothermeon AG reached an agreement on “the purchase of all Geothermeon shares held in Sonsuz Enerji Holding BV. As a result of this transaction, Transmark Renewables will become 100% owner of Sonsuz Enerji Holding BV and its operating entity Sonsuzluk Ltd, based in Izmir.
On 7 November 2010 Transmark Renewables and Geothermeon incorporated a joint venture to develop geothermal resources in Turkey. Over the last 2 years, the joint venture company Sonsuzluk has made substantial progress with the development of 8 geothermal licenses in Western Turkey. Through an extensive exploration program including geological, geochemical and geophysical surveys, and through the drilling of 8 temperature gradient wells, the large potential of the geothermal areas has been successfully substantiated.
After having reached this major exploration milestone and after having been operationally active in Turkey since 2008 already, Geothermeon AG decided to realize its investments through this transaction. Transmark Renewables will pursue the development of Sonsuzluk’s resources and aims for a dynamic expansion of its geothermal business activities in Turkey.”
Source: Transmark Renewables release