Wasabi Shares Steam Ahead On Turkish Acquisition, Increased Return Estimate

By | 23 Ekim 2013

Wasabi Energy Limited Thursday said it has completed the acquisition of a 50% stake in Egenda Enerji, which controls an advanced geothermal power project in Turkey.

The clean-energy technology company said its wholly owned subsidiary Imparator Enerji decided to take up the previously announced purchase option, following a recent resource upgrade and comprehensive pre-feasibility study at the site. Wasabi didn’t provide financial details of the acquisition.

Wasabi also said its internal pre-feasibility study has been completed and validates the company’s plans for a 30 megawatt expansion of the Tuzla Geothermal Power Project including the installation of additional power generation capacity.

The company said the new financial modelling of the site has shown a net present value of USD142 million and an indicative internal rate of return at 57%.

Wasabi shares were up 17% to 0.368 pence, making it a top AIM gainer in early trading Thursday.

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