Wasabi Energy, an Australian company investing in clean energy, finalized the purchase of an option for a 50 percent interest in a geothermal project in Turkey.
Wasabi concluded the purchase with the final payment of $2.65 million for the Tuzla Geothermal Power Project, the Melbourne-based company said in a statement today.
Subject to the exercise of the option, the project will be developed as a 50-50 venture with Egenda Ege Enerji Uretim A.S., according to the statement. Egenda is an independent power producer in Izmir, Turkey.
The option is exercisable until December 2013 and Wasabi Energy will be required to pay about $3.6 million for the exercise, Wasabi said.
The project hosts a recently installed and currently operating 7.5 megawatts power plant with additional development opportunities, according to the statement.