Kuwaiti firm to invest USD 1.2 billion in Türkiye’s energy sector

Milliyet – Türkiye’s consistently growing economy and the rising demand for energy have prompted Kuwait’s Aswar National Group to plan a USD 1.2 billion power plant project in the country’s Black Sea province of Amasya.

The Kuwaiti group has acquired Benal Danismanlik, a Turkish consultancy company developing power plant projects, through its subsidiary A&S Enerji and plans to realize a 1,060 MW gas-fired power plant project developed by Benal, according to A&S Enerji executive Cemalettin Ozdemir.

“Amasya Organized Industrial Zone will be location of the plant.” Ozdemir told the press regarding the group’s plans for Türkiye’s energy sector. “The first 530 MW unit will be completed within the next 3 years at a cost of USD 600 million. The optional second unit with the capacity to raise the output to 1,060 MW will be built at a later stage.” he said.

The USD 1.2 billion project will be financed 30 percent by the Aswar National Group and 70 percent by Gulf banks providing loans.

Being a multi-sector corporation, Aswar National Group is also pursuing renewable energy opportunities in Türkiye and has large scale property projects under development in the country.

Image of Gas-Fired Power Plant