Akocak Hydropower Plant

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Government of Turkey awarded Akenerji for the right to manage operate Erikli, Akocak Regulators and a 79 MW Akocak Hydroelectric Power Plant Project for 40 years in April 2005. The company won the project in a competitive bidding by submitting the highest bid of TRY 952,000 or USD 700.5 thousand for the 40-year license. The company beat two other competitors--Yapisan’s (which bid TRY 300,000) and Ayen Enerji (which bid TRY 26,000). Under the agreement, Akenerji agreed to invest USD 73 million. The Akocak HPP is located in Araklı county of Trabzon province . The financial closure was reached in December 2006, after Akenerji secured a loan of USD 50 million from Yapi Kredi Bankasi. The project became operational in July 2010.