Egemer CCGT Power Project

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Egemer CCGT was a 900MW combined-cycle gas fired power plant located in Hatay Turkey. The project was the largest greenfield power project developed in Turkey in the past decade, and was to be developed on a merchant basis in the liberalized Turkish electricity market. The project company set up for the construction and operation of the plant was Egemer Elektrik Uretim who also received a license in 2009 to build the plant. The company was onwed by Czech CEZ (37.5%),Turkish Akkok Sanayi Yatirim ve Gelistirme (37.5%); while the remaining shares (25%) were listed on the Istnbul Stock Exchange. In March 2009, Akenerji(part of the Akkok Group)bought a 98.99% stake in Egemer Elektrik Uretim. In November 2011, Akenerji secured financing for the power project. Turkish local banks, Garanti, Yapi Kredi and Vakiflar provided a 12-year US$651 million loan for the project, each providing US$217 million The project was expected to be operational by 2014.