Turcas Power Generation And RWE & Turcas South Power Generation
In 2009, Turcas Power Generation signed a partnership agreement with the German RWE AG group, one of the world’s largest energy companies, to invest in a large-scale power plant, and thus established the joint venture company RWE & Turcas South Power Generation.
Denizli Natural Gas Combined Cycle Power Plant, with 775 MW installed capacity and a total investment cost of EUR 600 million, started operations after obtaining approval from the Ministry of Energy and Natural Resources on June 23, 2013. RWE & Turcas South Power Generation’s mission is to operate the natural gas combined cycle power plant, which will generate approximately 6.25 billion kilowatt-hours of electricity annually. The paid-in capital of RWE & Turcas South Power Generation is TL 430,000,000. Thanks to its investment, TEÜAŞ raised its natural gas-fired installed power capacity to 232.5 MW in 2013.
On November 11, 2010, Turcas Power Generation signed an export credit agreement with the West Landesbank - Bayerische Landesbank Banks Consortium under a loan guarantee from Euler Hermes German Export Credit Agency, and a commercial loan agreement with the Industrial Development Bank of Turkey (TSKB), for the financing of its 30% share of the investment cost of the Denizli Natural Gas Fired Combined Cycle Power Plant. The loan repayment process has started with the commissioning of the plant.Additionally, Turcas Power Generation owns the Conrad Cogeneration (combined heat and power) Plantwith an installed capacity of 1.66 MW. An agreement was signed in 2011 for the sale of this plant to Yeditepe Beynelmilel Otelcilik, the owner of Conrad Istanbul Bosphorus Hotel. This transfer will be completed in 2014, once the Energy Market Regulatory Authority’s approval is obtained.