Uluabat Hydropower Plant

active

In March 2005, Akenerji won a competitive bidding for the right to finish and manage Cinarcik Dam, which had been completed 95% by DSI (state electrical authority), and to build and manage a 95 MW Uluabat Hydroelectric Power Plant for 40 years. The company paid YTL 33.8 million ($26 million) to get a license for the Çınarcık Dam and Uluabat Power Tunnel. Under the agreement, Akenerji agreed to pay some USD 75 million in 10 installments to State Hydro Authority 5 years after the plant became operational and invested USD 130 million for the project. Cinarcik Dama and Uluabat HEPP Project located within Susurluk Basin in Marmara Region, Turkey. The financial closure was reached in July 2006, after Akenerji secured a loan of USD 49.88 million (USD 24.93 million plus EUR 19.5 million) from Yapi Kredi Bankasi. The loan had a grace period of three years and matured in seven years.