Istanbul-based Turcas Petrol aims to start producing electricity from geothermal energy in 2017 as part of the company's joint long-term transformation strategy with Azerbaijan's Azalternativenerji to invest in renewable energy both in Turkey and Azerbaijan, Turcas Petrol CEO Batu Aksoy said. A recent statement released by Turcas Petrol through the Public Disclosure Platform (KAP) on July 21 said the company signed a good-will agreement with Azalternativenerji, which operates within the body of Azerbaijan's State Agency on Alternative and Renewable Energy Sources (SAARES), with the objective of cooperating and developing joint projects to invest in power plants that are based on solar and wind energy and geothermal resources in Turkey and Azerbaijan. The agreement will be valid for three years as of the date of signature. Aksoy said they will continue to pioneer foreign direct investment inflows into Turkey and to realize projects that contribute to the country's energy supply security, adding: "We had said that we will use our resources in projects that will provide value for our shareholders and will allow us to diversify our electricity generation portfolio. In the first phase of this strategy, we plan an investment worth $65 million in a geothermal power plant project that we are conducting in Kuyucak, Aydın."