Rainpower Aslancik HPP

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Aslancik Elektrik was planning the development of the 120 MW Aslancik hydropower plant, Harsit river, Giresun. The project was to comprise 2 Francis turbines of 60 MW. Aslancik Elektrik was an SPV set up and owned 33-33-33 by Anadolu Endustri Holding, itself owned by Yazicilar Holding, Dogan, and Dogus Holding. Construction was expected to start in March 2012 and commissioning in September 2013 and October 2013 for the two turbines. Civil works was done by Hitit. The Turkish government opened up for tender concessions for 52 run-of river hydro power plants, between December 2009 February 2010. During the tenders, 615 bids were made and the deals were finalized in May/June 2010. Aslancik Elektrik secured a 12 year loan of $160 million in January 2011 by Garanti Bank, Is Bank, Yapi Kedri and TSKB, as well as $60 million in equity. This brings total expected project costs to $220 million at a 28/72 debt equity ratio.