Power Group Online Article |  | |
Suez Energy International and Mimag-Samko have signed a Memorandum of
Understanding to develop, build and operate a thermal power plant in Turkey with an installed capacity of 800 MW to 1300 MW.
The plant will be fired by imported coal. A special-purpose company has been incorporated to carry out the project. Suez Energy International owns 90 per cent of the company and Mimag Samko 10 per cent.
The partners have identified several locations for the plant, and are currently analyzing them. They intend to start applying for permits for the project in the next few months. The project is scheduled to come into operation before the end of 2013 and will sell its output to local eligible customers and to the emerging spot market. The project will be amongst the cheapest and most efficient thermal generating units in Turkey. The total investment in the project will be above $1.5bn.
Demand for power in Turkey has been steadily increasing at an average of 5 per cent over the last 10 years. The most recent power plants have been fueled by natural gas, but Suez`Energy International believes that adding highly efficient coal generation will improve the country's generation mix and enhance the project's competitiveness. Suez Energy International is also closely following developments in the power and gas markets, in particular current and
planned privatizations.
In Turkey, Suez has a 95 per cent interest in Baymina, a 770 MW gas fired plant, representing an investment of $500m in total. The plant was successfully commissioned early in 2004. Since 2001, Suez Energy International has gained experience in developing, building and operating assets in Turkey. This investment makes Suez Energy International among the largest local and international investors in Turkey's power sector. Mimag is Suez Energy International's partner in Baymina, in which Mimag has a 5 per cent stake.
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