Bloomberg News

Global Yatirim Hires China National for $500 Million Power Plant

December 29, 2011

Dec. 29 (Bloomberg) -- Global Yatirim Holding AS, a Turkish group with interests in energy, port operations and finance, hired China National Electric Engineering Co. to build a 270- megawatt thermal power plant for $500 million.

China National Electric, which will construct the asphaltite-fueled plant in Sirnak in southeast Turkey under a turnkey contract, will operate and provide maintenance for four years after the construction phase, Istanbul-based Global Yatirim said in a statement today.

The Chinese company will also receive a 10 percent stake in Global’s Galata Enerji Uretim Sanayi & Ticaret unit, which plans to complete the project in 30 months from the first quarter of 2012, according to the statement.

The Turkish company plans to expand the site through an investment of $2.5 billion to reach total capacity of 2,000 megawatts in the long term, Atay Arpaciogullari, business development manager of Global Yatirim, said in the statement.

The power plant will employ 2,500 people, Serdar Kirmaz, a board member of Global Yatirim, said in the statement.

--Editors: Tom Lavell, Robert Valpuesta

To contact the reporters on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net; Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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