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EBRD may issue loan of up to $ 200 million to Turkish company

07 October 2011 [13:31] - TODAY.AZ
The EBRD is considering providing a senior loan of up to $ 200 million to the Turkish Farcan Enerji Uretim A.S. for the development of a Greenfield 800MW independent power plant, the bank reported.

The plant is to be structured on a merchant basis and located 50km east of Ankara, near the city of Kirikkale, Turkey. The project cost is $ 800 million.

The Project's transition impact stems from three factors: demonstration of new products through non recourse project financing; market expansion through sale of electricity through a combination of private off take agreements, to eligible customers and to the Balancing Market where market dynamics dictate the price; and more widespread private ownership through supporting a privately developed project in Turkey where the state still holds a significant share in electricity generation.

Farcan Enerji Uretim A.S. will be owned by ACWA Power International and by Eser Holding A.S., on a 70/30 ownership basis. ACWA Power is a reputable power developer based in Saudi Arabia and Eser is a Turkish company mainly active in the general contracting business with a main focus on the infrastructure construction.

The Project, a new Greenfield state-of-the-art 800 MW Natural Gas Fired Combined Cycle (CCGT) Power Plant has been categorized A under the Bank's Environmental and Social Policy (2008), requiring an Environmental and Social Impact Assessment (ESIA) of the proposed investment program inclusive of the associated facilities.

In Turkey, the EBRD focuses on renewable and sustainable energy, small business development in the regions, agribusiness, municipal, environment and other infrastructure, and privatisation.


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