Aksa Goynuk/Bolu Coal Plant

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Goynuk-Bolu was a 270MW lignite-fired power plant located in northwestern Turkey. Aksa Enerji is 81.22% owned by Kazanci Holding and 13.3% by Goldman Sachs Group (since April 2012, shares purchased for US$240 million). Kazanci Holding also own Aksa Elektrik. Aksa Enerji, a privately-owned power producer received a 30-year license to build and operate the plant in March 2008. In the summer of 2009, it signed contracts for the supply of equipment with Slovakia's Slovenske Energeticke Strojarne (SES), and Skoda Power from the Czech Republic. SES was to supply two CFB boilers (350 t/hr). Sokda Power was to supply two 120MW steam turbines. The unit was commissioned for 2014 and 2015 for turbine 1 and 2 respectively. Construction started in July 2012. The project has a coal supply contract for 35 years, with Aksa Goynuk Energy, wholly-owned by Kazanci Holding. The concession was awarded by Turkish Coal Enterprises. Aksa Enerji secured a US$ 127 million long-term credit facility with a group of European Export-Import banks for the first unit, with a capacity of 135 MW, reported in October 2011. Construction started in June 2012. Commissioning of the first 135MW turbine was expected for October 2014. The second turbine was expected for commissioning in March 2015. In July 2012, total project cost was estimated at US$319 million. The project received a loan from Turkiye Is Bankasi & Turkiye Garanti Bankasi and Garanti Bank Internationl for US$240 million: US$120 million each, with 19 year tenor and 3 year grace period. The remainder was equity (75/25). The lenders legal advisor was Verdi de Yazici. Total investment was ESTIMATED at 270 MW x 1.3 million per MW (estimate), is $351 million. Aksa owns Aksa Enerji and Aksa Elektrik. Aksa Enerji is a distinct company, not to be confused with Aksu Enerji.