Kemerkoy and Yenikoy Thermal Power Plants

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On December 23, 2014, Turkey’s privatization administration (OIB) signed the final agreement to with Turkish energy firm, IC Ictas Enerji, to take over 420 MW Yenikoy and 630MW Kemerkoy thermal power plants as well as the Kemerkoy port field in the Aegean province of Mugla. The Kemerkoy thermal plant had three units and Yenikoy had two units of 210 MW each. Both plants used lignite coal and were near the end of their life-cycle. Bidding for the thermal power plants was held in April 2014. IC Ictas Enerji offered the highest bid of USD 2.67 billion to acquire 420 MW Yenikoy and 630MW Kemerkoy thermal power plants as well as the Kemerkoy port field. The tender had attracted six initial bids from Park Holding, Celikler-Kalyon consortium, Limak Insaat, Elsan Insaat, IC Ictas and Konya Seker. Financing closed on 23 December 2014. The financing covered the takeover from the Turkish state of the two projects and capital investments into the stations. The sponsors arranged the equity financing of USD 635 million. A club of five lenders provided $4.27 billion in debt. The lenders are: •Garanti Bank – facility agent •Is Bank – security agent •Yapi Kredi Bank •Ziraat Bank •Halk Bank The debt facility comprised a 15 year term loan tranche of USD 1.9 billion, a 13 year term loan tranche of USD 200 million, a 1 year working capital of USD 75 million and a 4 year L/C of USD 2.092 billion.