Projects

865 MW CCGT merchant power plant

Gebze, Turkey

Enka / Siemens

865 MW CCGT merchant power plant

Description

  • 865MW CCGT merchant power plant located in the Organized Industrial Zone (OIZ) in Gebze, Turkey
  • Developed by UNIT Investment in 2010
  • Expected to generate 6.5 billion kWh of electricity annually (c. 2.5% of total electricity consumption in Turkey as of 2014)

Our Role

  • ViTO restructured the deal by bringing Italian Ansaldo Energia asthe EPC contractor and equity partner (40% shareholding) with a pre-definedexit strategy
  • ViTO established a new joint venture, Yeni AEN Insaat A.S., together with Ansaldo Energia to conduct the onshore scope of the project and supported the nomination of local subcontractors, manufacturers, technical consultants, logistic companies, etc.
  • ViTO managed relations between OIZ management and Ansaldo Energia as well as subcontracting services for the HRSG, civil works, ground studies,steel structures, engineering & project design, HVAC, cables, overheadline, fire fighting, excavation and waste management
  • §ViTO also handled all permits, including construction, OIZ approvals and other governmental permits such as social security procedures on behalf of Ansaldo Energia andits onshore company Yeni AEN Insaat A.S.

Situation

  • Enka / Siemens consortium had already received an LOI from UNIT and was about to start the final contract negotiations
  • The project had significant difficulties in financing due to the lack of guarantees and power purchase agreements (PPA)
  • Banks were not comfortable with the financing of the project

Results

  • This project was Ansaldo Energia’s first ever turnkey EPC contract in Turkey
  • Limited recourse project financing provided by a consortium of Turkish banks due to provision of full work completion guarantee by Ansaldo Energia
  • Project was awarded “Deal of the Year” by Project Finance Magazine for its successful financing model
  • The project was commissioned on December20th, 2013 ahead of the originally scheduled COD
  • ViTO was able to make full use of its specific expertise and deliver a project structure, the first of its kind inTurkey