Samsun Gas-Fired Power Plant

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Cengiz Enerji, a unit of Cengiz Holding, developed a merchant, 244 MW combined cycle gas turbine (CCGT) power project on the same site as an existing diesel-fueled combined-cycle plant, in Samsun province. In August 2009, Platts Energy reported that the Energy Market Regulatory Authority (EPDK) had issued Cengiz Enerji a 49-year generating license for the project. Cengiz Enerji was to sell the electricity produced at the plant on the spot market. Financial closure was reached in April 2009, when Cengiz Enerji secured a US Ex-Im guaranteed US$104.8 million loan to finance imports of two LMS100 aero-derivative gas turbine generator packages from GE Energy for the Samsun Gas-Fired Power Plant. JP Morgan was the guaranteed lender on the transaction, and GE Capital Markets Corporate was the advisor-arranger on the deal. The financing included coverage of eligible local costs at the site. Denmark’s export credit agency (ECA), EKF, provided co-financing for a portion of the transaction. Construction was to be completed in February 2010.