9/21/2017
Limak Purchases the Contract for 517 MW Çetin Dam and HEPP of Statkraft
Limak Enerji has purchased Çetin Dam and HEPP, which have an EMRA power generation license for 49 years and for which the Norwegian company Statkraft has started installing in Siirt but then suspended the work
Limak Enerji has purchased the 517 MW Çetin Dam and Hydroelectric Power Plant (HEPP), the last of the HEPP investments of the Norwegian company Statkraft, Europe's largest producer of renewable energy, which is still under construction and holds the Energy Market Regulatory Authority (EMRA) power generation license for 49 years. The public permit and similar other bureaucratic processes of Çetin HEPP Project which started to be built in Siirt but then suspended were completed and the parties reached an agreement about the transfer price of the Project. Thus, Limak has taken over Çetin Enerji A.Ş., a license holder of Çetin Dam and HEPP Project. The Project whose sales price has not been reported yet and whose construction has restarted is planned to complete and generate power by 2020. Statkraft expedited its talks with potential buyers to transfer the investment that is 20 percent complete, and a good-will agreement was signed between Limak Group and Statkraft for the sale of Çetin Dam and HEPP project in December 2016. Limak Holding Chairman Nihat Özdemir made the following statement:" We are contracting the construction of two dams on behalf of Statkraft. They offered us the dam. Then we applied for purchase. Among the dams for which they hold the license, Çetin will have 420 MW, and Aşağı Çetin will have 97 MW of installed capacity. These dams seem to cost $700 million. We will fund minimum $150 million of this investment by our equities" TEBA:December 2, 2016. After Turkey's leading private power generators Limak Enerji has included Çetin HEPP in its portfolio, its total licensed HEPP installed capacity including its subsidiaries has risen to 1,320 MW. The HEPP installed capacity share of Limak is 1,134 MW. 834 MW out of 1,320 MW of total hydroelectric capacity in Limak Energy Group's Portfolio is still in operation. About Çetin Dam and HEPP Çetin Dam and HEPP will be on River Botan in Siirt, which is one of the branches of Tigris. Çetin Dam will have an installed capacity of 408 MW and a large dam lake. Aşağı Çetin Dam, which is located lower will have an installed capacity of 116 MW. The installation plan of Çetin HEPP will be 130 MW x 3 units + 18 MW = 408 MW for Yukarı Çetin and 58 MW x 2 units = 116 MW for Aşağı Çetin.
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