ZETES 3 Thermal Power Plant

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In 2013, Eren Enerji Elektrik Üretim AS (Eren Enerji), a subsidiary of Eren Holding, began construction of a 1,320 MW coal fired ZETES 3 (Zonguldak Eren Termik Santrali III) power plant in Zonguldak, Turkey. Eren Enerji has two other coal fired power plants in Zonguldak – 160 MW Zetes 1 and 1,320 MW Zetes 2 that began operations in 2010. All plants run on imported bituminous coal, which arrives via a nearby coal port, also owned by Eren Enerji. The total cost of Zetes 3 was estimated at USD 1.05 billion. The project reached financial close in November 2013 by securing a loan of USD 400 million each from Garanati Bank and Isbank for a total debt of USD 800 million. The balance of USD 250 million was funded by Eren Enerji for a debt equity ratio of 76:24. The power plant with two units of 660 MW is expected to start operations in 2015 after a construction period of 21 months. Harbin Electric International Company Limited is the EPC contractor.