AkfenHES - 11 hydro power plants

active

AkfenHES Yatirimlari ve Enerji Üretim A.S., a wholly owned subsidiary of Akfen Group [Turkey], launched the development of 11 greenfield hydroelectric power stations on a merchant basis in 2009. AkfenHES developed the projects through three wholly owned subsidiaries: Beyobasi Enerji Uretim; Ideal Enerji Uretim; and Camlica Elektrik Uretim. Beyobasi Enerji Uretim implemented the 3.3MW Koycegiz project under a 30 year license and the 48.7MW Anamur project under a 48 year license. Ideal Enerji implemented four projects in Erzurum: a 9MW project under a 48 year license; a 26MW project under a 49 year license; a 12MW project under a 49 year license; and a 3.2MW project under a 40 year license. Lastly, Camlica Elektrik Uretim implemented the 28MW Kayseri and 26MW Sivas projects, each under a 49 year license. The projects were procured according to a production license scheme administered by the central government. The projects reached financial closure in March 2009, with the signing of a EUR166.5 million (US$231.44 million) loan facility from a consortium of local banks – TSKB, Isbank, Yapi Kredi Bank, Denizbank and NBG - with each lender taking a ticket of EUR33.3 million (US$46.29 million). The total cost of the 11 projects was EUR222.4 million (US$309.14 million), of which EUR56 million (US$77.84) was in the form of equity. When completed, the power plants were to have a total output of 135MW, generating 607 million kWh of electricity annually.