Almus & Kokluce HEPPs

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In September 2016, Turkey's Gul Energy Electricity Generation Industry and Trade Inc. ("Project company") won the tender for the privatization of the Almus (27 MW) and Kokluce (90 MW) hydropower plants, at a cost of 750.5 million Turkish liras ($251.9 million). The plants are located in the province of Tokat, Turkey. In total 11 companies participated in the tender based on highest price paid to government criteria. Gul Ahmed Group is the sponsor and sole owner of the Project company. The privatization is carried out through Transfer of Operating Rights (TOR). The transaction is part of the Turkish Privatization Administration strategy to transfer the operations of power facilities to the private sector. OIB had tendered five plants into three groups - Camlica plant in Kayseri, Almus and Kokluce plants in Tokat, and Menzelet and Kilavuzlu plants in Kahramanmaras. Financing details are not disclosed yet.