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ICBC provides loan for 600 MW Ayas Supercritical Coal-Fired Power Plant Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | AYAS Enerji Üretim ve Ticaret A.S |
| Country | Turkey |
| Start Date | Jan 01, 2009 |
| End Date | Jul 24, 2026 |
| Duration | 6,413 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67337 |
Grant Description
ICBC provides loan for 600 MW Ayas Supercritical Coal-Fired Power Plant Project In 2009, ICBC and AYAS Enerji (AYAS Enerji Üretim ve Ticaret A.S.) — a special purpose vehicle and subsidiary of the Turkish armed forces pension fund (OYAK) (49% stake) and AES Entek (51%) — signed a loan agreement for the 600 MW Ayas Supercritical Coal-Fired Power Plant Project.
The proceeds of this loan were to be used to finance an EPC contract between China National Machinery and Equipment Import & Export Corporation (CMEC) and Germany’s Evonik Steag Gmb Corporation, which was signed on August 19, 2009. The face value of the loan is unknown.
This $750 million project involves the construction of a 600MW supercritical coal-fired power plant near Sugözü village in Yumurtalık district and Adana province.
In April 2009, the project received a license for an 800 MW plant from the Energy Market Regulatory Authority (EPDK or EMRA). Site preparation work was reported as completed, and conducted by EKTON Construction & Logistics. Then, on September 1, 2009, the project began implementation. However, it encountered implementation difficulties.
In March 2015, Ayas Enerji held an environmental permitting public hearing in Sugözü. Activists and community members with Adana Environmental Platform protested at the meeting. The project's license was challenged due to a high concentration of proposed plants in the area. According to EMRA, the plant was under construction and 19% complete as of January 2019.
Satellite photography from plant shows only ground-clearing activity at the project site between January 2019 and June 2019.
Staff Comments
- The Chinese project title is（AYAS）1×600MW超临界电站项目 or 土耳其Ayas电站.
- In 2009, OYAK, the Turkish armed forces pension fund, bought a 49% stake in AYAS Enerji. It later bought an additional 51% of the company to make it a wholly-owned subsidiary. OYAK subsequently sold 50% of the company to AES Entek, which OYAK described as a 'joint venture of the Koç Group and AES.'3. The face value of the ICBC loan is unknown. For the time being, AidData assumes that the $750 million project is being financed according to a debt-to-equity ratio of 70:30. This issue warrants further investigation.
Sources & References
- Ayas power station
- 中国能建逐鹿土耳其电力建设市场
- Ayas Enerji
- CMEC and EVONIK Signed the EPC Contract of Turkey’s AYAS 1600MW Supercritical Power Station Project
- 中国能建逐鹿土耳其电力建设市场
- ICBC Gears up Efforts to Serve Real Economy
- 银行全面提升服务实体经济的质量和水平
- Ayas 600 MW Termik Santral Sahası İşi
- Prospects for coal and clean coal technologies in Turkey
- CMEC
- Your Partner for Success
- BRIEF INTRODUCTION OF CHINESE ENTERPRISES
- 发展历程
- 中国机械工业集团 审计报告
- 中国电力工程顾问集团中南电力设计院有限公司（Central Southern China Electric Power Design Institute）
- Ayas Power Plant Project
- Turkey
- Slowing the Growth of Coal Power Outside China: The Role of Chinese Finance Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
AYAS Enerji Üretim ve Ticaret A.S
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