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Bank of China provides buyer’s credit loan for 2×600 MW Atlas Iskenderun Thermal Power Plant Project
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Atlas Enerji Üretim A.Ş. |
| Country | Turkey |
| Start Date | Jan 01, 2010 |
| End Date | Aug 09, 2033 |
| Duration | 8,621 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67339 |
Grant Description
Bank of China provides buyer’s credit loan for 2×600 MW Atlas Iskenderun Thermal Power Plant Project In 2010, the Bank of China signed a buyer’s credit loan agreement with Atlas Enerji Üretim A.Ş. — a special purpose vehicle and a wholly-owned subsidiary of Diler Holding S.A. (a private company) — for the 2×600MW Atlas Iskenderun Thermal Power Plant Project.
Its face value and borrowing terms are unknown. The buyer’s credit loan was insured by Sinosure. The Turkish government also issued a sovereign guarantee.
The proceeds of the loan were to be used by the borrower to finance a $680 million EPC contract with China National Aero-Technology Import and Export Corporation (CATIC) and China Power Investment Power Engineering Company Ltd (CPIPEC).
The purpose of the project was to construct a 1,200-megawatt (MW) coal-fired power plant (with two, 600 MW power generating units) in the İskenderun 1st Organized Industrial Zone (OSB) near the village of Azganlık, which is located with İskenderun district and Hatay province.
The plant was designed to supply power to two steel plants that are also operated by Diler Holding: Diler iron and steel plant and Yacizi Iron and Steel plant. The project was financed and implemented on an independent power project (IPP) basis.
Hubei Construction (湖北省工业建筑集团有限公司), CATIC (or AVIC International or 中航国际), CPIPEC (中电投电力工程有限公司), Atlas Energy, and Elektrik Üretim A.Ş were all involved in project implementation. In December 2008, Atlas Enerji Üretim A.Ş. received environmental permits to build the power plant.
The power was later suspended due to investment issues and it relaunched in 2010. Construction began on November 10, 2011. The first 600MW unit was commissioned in August 2014 and the second 600MW unit was commissioned in December 2014. The power plant achieved its commercial operation date (COD) on December 19, 2014.
Staff Comments
- The Atlas Iskenderun Thermal Power Plant Project is also known as the 2×600MW Super Critical Coal-Fired Iskenderun Power Plant Project or Atlas 2x660MW Super Critical Coal-Fired Power Plant Project. The Chinese project title is 中航国际土耳其阿特拉斯电站项目 or 阿特拉斯燃煤电站 or 土耳其阿特拉斯超临界燃煤发电项目.
- The face value of the buyer's credit loan is unknown. For the time being, AidData assumes that it is equivalent to 85% of the $680 million EPC contract. This issue warrants further investigation.
Sources & References
- 土耳其阿特拉斯2×600MW伊斯肯德伦火电厂
- 中行北京分行：做“一带一路”建设的推动者 助力首都企业“扬帆出海”
- ATLAS ENERGY
- 宫小生大使访问中航国际土耳其阿特拉斯电站项目
- Atlas Enerji İskenderun power station
- 在土耳其疫情中的运维工作
- 推动“一带一路”建设 中行助力首都企业“扬帆出海”
- 中行北分：打造“一带一路”金融服务网络 为企业“走出去”注入“中行力量”【新华网、腾讯财经】
- 中国电建承建的土耳其最大火电机组通过168小时试运
- 中电投电力工程有限公司土耳其分公司（CPI POWER ENGINEERING CO.
- LTD. Turkey）
- 宫小生大使访问中航国际土耳其阿特拉斯电站项目
- 湖北省惟一省属建筑施工企业获进出口银行1亿元融资
- Slowing the Growth of Coal Power Outside China: The Role of Chinese Finance
- Atlas Enerji Üretim A.Ş 2 X 600 MW İskenderun Termik Santrali
- Project Due Diligence Including Feasibility Assessment
- Market Review and Project Competitiveness for a Power Plant in Turkey
- 中国电力企业 “一带一路双向投资”案例集 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
Atlas Enerji Üretim A.Ş.
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