Cogentrix Energy starts up Turkey hydroelectric plants
Cogentrix Energy LLC, a top electric power generation project development company, announced today that Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi, a direct, wholly-owned subsidiary of the 100-percent Cogentrix-owned subsidiary Eti Elektrik, put into operation all three units at the Yavuz hydroelectric generating plant. The Government of Turkey approved the Yavuz station, a 23.4 megawatt run-of-river hydroelectric plant, for commercial operation. The plant is located on the Yesilirmak River in the province of Amasya in the Republic of Turkey.
Masat successfully closed an $80 million financing project in the Republic of Turkey in June of this year. Proceeds from the financing were utilized for the completion of the construction of Yavuz and Midilli, two run-of-river hydroelectric generating projects. Yavuz generates a total of 23.4 megawatts and Midilli, 33.4 megawatts. Both plants are wholly owned by Masat, with licensing granted from the Government of Turkey. Yapi Kredi Bankasi, A.S of Istanbul, Turkey provided a loan for the financing of the project. Construction of the Midilli station is currently underway, with service expected to commence in late 2011.
Thomas Bonner, President of Cogentrix, stated, "Cogentrix has made a significant commitment to hydroelectric generation in the nation of Turkey and we are very pleased with the Yavuz station being accepted for commercial operation. We are committed to a continued focus on clean, renewable electric generation in the United States and in other select markets, such as Turkey.” He added, “Cleaner and more sustainable electric power generation will continue to be a significant component of the energy mix in the future, and Cogentrix is excited to be at the forefront of this evolution.”