Cetin Hydroelectric Power Plant

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The Cetin project includes the construction of two power plants - the 401-MW Main Cetin, and the 116-MW Lower Cetin. Initially, the project was owned by Norway's Statkraft which acquired 95% of the project in 2009, with the remaining 5% in 2010. However, due to security concerns, the Norwegian company halted the construction in February, 2016. As a result of the reluctance to further proceed with the construction of the project, Statkraft sold the project to Limak Holding in Sep 2017. As of the time of purchasing the project, the progress of the works stood at 20%, hence for the purpose of the database, we consider the project to be greenfield with financial closing in September 2017. Information on the acquisition price was not available. The owner will hold a license for electricity generation for 49 years. The output will be sold to the wholesale market. It is estimated that 1.3 billion KWh of electricity will be generated annually when the plant starts operations. Limak will make around $400 million in investments to fully completed the facility. IJGlobal reported that Limak closed a deal involving $473 million debt funding and $47 million of equity. The purpose of the project financing was the development of Cetin project and refinancing of the 275 MW Alkumru Hydroelectric Power Plant. However, it is not clear what portion of this particular financing will go for the Cetin project solely. Lenders are: Garanti Bank, Halkbank, Isbank, Yapi Kredi and Ziraat Bankasi. Project is expected to be completed and start producing energy by 2021. https://ijglobal.com/data/transaction/39225/limak-additional-facility-2017 https://www.pressreader.com/turkey/dunya-executive/20170925/281638190391684 https://www.reuters.com/article/norway-turkey-hydro/norways-statkraft-sells-unfinished-hydropower-plant-to-turkeys-limak-idUSL5N1M32IY http://aa.com.tr/en/energyterminal/renewable/norways-statkraft-to-sell-turkish-cetin-hydro-plant/6363