Geothermal energy was initially used for health resorts but today it has become an energy type presenting various utilization fields. Geothermal electricity production was developed to a great extent in the last 40 years. It is acknowledged worldwide that geothermal heat and electrical energy production will have a great importance in the future. Investments made in the geothermal energy industry are continuously increasing. According to Electric Energy Market and Supply Security Strategy document, Turkey’s geothermal installed capacity is planned to increase up to 600 MW in 2023 from 162.2 MW.
Making use of renewable energy resources among its investment fields in the light of these developments, Egeli & Co. Financial Services Group won the tenders for Balikesir-Bigadic-Adali Ceribasi and Balikesir-Balya-Ilica geothermal areas put out by General Directorate of Mineral Research & Exploration (MTA), on 24 February 2011 through a consortium formed by EGCYH and NRG Energy. Following the tender, the capital of Karesi Geothermal, which was founded by Egeli & Co. Investment Holding and NRG Energy, was raised from TL 480,000 to TL 960,000 in April 2012.
In September 2012 geological, geochemical and geophysical studies were made in both areas subject to geothermal operating permit, for “Geothermal Potential Development Opportunities Research Project” and a report was issued for each area. It is planned that drilling works shall be given a start in both areas within the scope of these reports.
Within the scope of the plans of Egeli & Co. Financial Services Group for combining its energy investments under EGC Infra Energy, 480,000 shares of Karesi Geothermal with a par value of TL 1 each, owned by Egeli & Co. Investment Holding were assigned to EGC Infra Energy in return for TL 794,111 on February 20th 2013.