3/25/2009

RWE, Turcas Elektrik Uretim to build power plant

Boston Globe – The German energy company RWE AG said Monday it signed a joint venture agreement with the Turkish energy company Turcas Elektrik Uretim AS to build an 800 MW gas turbine power plant in western Turkey. Essen-based RWE did not disclose the financial details for the deal; however, it said it will own 70 percent of the joint venture. According to RWE AG, a final decision on the investment scale will be made by the end of 2009 and construction can begin in early 2010 on the plant near the western Turkish province of Denizli. "For RWE, this joint venture represents a first step into the Turkish power market", said Leo Birnbaum, a RWE representative responsible for company strategy. He said the project reinforces RWE's growth strategy for southeastern Europe and added: "Turkey in particular, needs high levels of additional power plant capacity."