Scheduled to be constructed near the city of Kirikkale in Central Anatolia, approximately 50km east of Ankara, the 950MW Kirikkale power plant will developed by ACWA Power’s Turkish subsidiary Acwa Guc Elektrik Isletme ve Yonetim Sanayi ve Ticaret.
ACWA Power is an independent developer of power projects with a portfolio of 15,000MW in the Middle East, North Africa, Southern Africa and Turkey.
In addition to addressing the half of energy needs of Ankara, the power plant will help meet growing demand for reliable energy in Turkey.
EBRD Power and Energy director Nandita Parshad said: "This is a landmark transaction for many reasons: it brings together international financial institutions and commercial banks to lend on similar terms; it offers the longest tenor to date – 16 years – for a power project in Turkey; it is also the first time in Turkey that an independent power producer is financed on a limited-recourse basis."
ACWA Power president and CEO Paddy Padmanathan said: "The Kirikkale power project, which when completed will be a highly competitive electricity generator, is the company’s first investment in Turkey."
Scheduled to be completed in May 2017, the facility would generate power to replace more carbon-intensive energy generation while reducing CO2 emissions of over 1,825,000t annually in Turkey.
Image: Illustration of ACWA Power’s combined cycle power plant near Kirikkale, Turkey. Photo: courtesy of European Bank for Reconstruction and Development.
