Name and Location
Combined-cycle gas turbine power plant, Central Anatolia, Turkey.
Client
Acwa Guc Elektrik Isletme ve Yonetim Sanayi ve Ticaret, a subsidiary of Acwa Power.
Project Description
The project involves the construction of a combined-cycle gas turbine power plant near Kirikkale, in Central Anatolia, about 50 km east of Ankara.
With a capacity of 950 MW, the project will be able to cover half the energy needs of a city the size of Ankara and will help meet Turkey’s ever-growing demand for reliable energy.
The state-of-the-art gas-fired power plant will use a combined cycle in which the fuel – natural gas – is fed into a gas turbine that generates electricity, while the waste heat of the exhaust is captured to produce steam. This, in turn, drives a steam turbine, which produces additional electricity, all for the same fuel input. The integration of these two thermodynamic cycles improves overall efficiency for electricity generation, significantly reducing fuel costs for each kWh of electricity produced.
As an independent power producer, the plant will operate on a merchant basis, selling the electricity it generates on the power market.
Value
$1-billion.
The European Bank for Reconstruction and Development (EBRD) has played a key role in securing long-term financing for the construction of the new plant by arranging a syndicated loan of $250-million. The EBRD will provide $200-million and Banque Saudi Fransi will provide $50-million. Banque Saudi Fransi will also provide parallel financing of $100-million under a murabaha Islamic financial instrument. The International Finance Corporation (IFC) is also providing a syndicated loan of $170-million, of which $45-million is syndicated to the Korea Development Bank.
Korea Eximbank and Standard Chartered Bank, with cover from Korea Eximbank, are joining as parallel lenders, contributing $90-million and $60-million respectively.
Duration
Not stated.
Latest Developments
Not stated.
Key Contracts and Suppliers
Acwa Guc Elektrik Isletme ve Yonetim Sanayi ve Ticaret (construction).
On Budget and on Time?
Not stated.
Contact Details for Project Information
Acwa Power, tel +966 11 283 5555 or fax +966 11 283 5500.