Trakya Power Plant

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This power plant had a generating capacity of 478-MW. Construction started in September 1996 and was expected to be complete by mid-1999. A 20-year power purchase agreement (PPA) had been concluded with TEAS and a fuel supply agreement had been struck with BOTAS. Ownership was to transfer to the Turkish government after 20 years. The shareholders in the joint venture (JV) company Trakya Elektrik Uretim ve Ticaret AS were Enron Power Holdings C.V. (50%), Midlands Power International (31%), Gama Endustri A.S. (8%), Gama Pazarlama A.S. (2%), and the Wing Group (9%). The project was 75% financed by debt (US Eximbank construction loan facility of US$246.21 million; US$91million loan from OPIC; and US$115.96 million supplier facilities provided by Bayerische Landesbank) and 25% by equity (US$151.04 million). In 2003, Prisma Energy International Inc. was created as a holding company to, through its subsidiary Prisma Energy International Services LLC, provide management and operational support for the remaining major international assets owned by the bankrupt Enron, including Trakya Power Plant. The company was created after Enron's board and creditors decided the Enron estate would raise more revenues from ongoing operations than through individual asset sales. Once the Enron bankruptcy is concluded, Prisma was to be owned by Enron's creditors. They were likely to sell their positions as soon as market conditions allow. By end 2003, Enron/Prisma was continuing an attempt to sell its stake in the Trakya power plant. In December 2012, the power plant was acquired by Inter RAO UES (state-owned, Russia) for 90% for US$67.5 million from AEI (from USA) which included the project companies debt of US$139. This valued the project at US$214 million. The project operates under a BOT model, with a 20 year PPA originating in 1996 (TETAS). The fuel supply agreement is held with Botas (state-owned) until 2014, but expected to be prolongued to 2019. Both TETAS and BOTAS are guaranteed by the Turkish government. The project consists of 2x Siemens V94.2 combustion turbines, and heat recovery generators (2x) from Nooter/Eriksen, as well as a single Siemens steam turbine. By end of 2003, the Turkish government was warning the JV that they must sell electricity to the government at cheaper prices or face the possibility of the government buying them out