Milliyet – Istanbul-based Aksa Enerji, Turkey’s largest independent power producer with an installed capacity of over 2000 MWs, has inked a deal with China National Technical Import & Export Corporation (CNTIC) to build seven hydropower plants in Turkey.
Aksa Enerji and CNTIC signed a memorandum of understanding for the construction of 7 hydroelectric power plants with a total installed capacity of 251 MW at an investment cost of USD 463 million, according to the statement sent to the Public Disclosure Platform of the Istanbul Stock Exchange.
CNTIC will be the contractor for the project, including the financing, the statement said, in accordance with earlier deals between Aksa Energy stake-holder Goldman Sachs and Chinese financial institutions. China Development Bank and other Chinese lenders will loan 85 percent of the investment cost while the remainder will be financed from Aksa’s own resources.
Turkey’s growing energy industry is luring international companies as the emerging nation increasingly seeks to tap its renewable sources of energy to feed its expanding economy. The country plans to supply 30 percent of its power from renewable sources such as hydro, solar and wind, by the year 2023, the centennial of the republic.