Completed Mixed AidData Chinese Aid

ICBC provides $220 million buyer's credit loan for 405 (3x135) MW Şırnak Silopi Thermal Power Plant Project

$220M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Silopi Elektrik Üretim A.Ş
Country	Turkey
Start Date	Jan 01, 2010
End Date	May 12, 2032
Duration	8,167 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`67345`

Grant Description

ICBC provides $220 million buyer's credit loan for 405 (3x135) MW Şırnak Silopi Thermal Power Plant Project In 2010, ICBC issued a $220 million buyer’s credit loan to Silopi Elektrik Üretim A.Ş. — a special purpose vehicle and a joint venture of Ciner Holding (85% ownership stake) and GSD Holding (15% ownership stake) — for the 405 (3x135) MW Şırnak Silopi Thermal Power Plant Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following terms: a 13-year maturity and an interest rate of 2

📅 Maturity13 years

Its originally scheduled maturity date was December 20, 2022. Sinosure provided buyer’s credit insurance.

The proceeds of the loan were to be used by the borrower to support the construction of second and third of the three 135MW power-generating units at the Silopi Thermal Power Plant in the village of Selçık within the district of Silopi and the provinces of Şırnak. China Machinery Engineering Corporation (CMEC) was the contractor responsible for implementation.

In 2004, a production license was obtained for the installation of the first 135MW power-generating unit and a contract was signed with CMEC. An Environmental Impact Assessment (EIA) report was received in 2005.

After the contract with CMEC came into force in 2006, the construction and installation works were undertaken and the first 135-MW unit went online in May 2009. It was eventually decided to install two additional 135 MW units at the power plant. A second contract with CMEC, which went into effect in February 2011, supported the installation of these units.

Unit 2 went into operation on May 8, 2015 and Unit 3 went into operation on December 18, 2015. During its implementation, the project encountered several major obstacles. The power plant was attacked by PKK militants on August 25, 2014.

The attackers fired rocket-propelled grenades at the plant three times, injuring one member of the security staff at the plant in the Şırnak province. They also kidnapped three Chinese engineers. To rescue the engineers, Turkish security forces launched a wide-ranging rescue operation. Then, in July 215, PKK militants kidnapped 15 workers from the project site after burning six construction machines.

📋 Staff Comments

GSD Holding, a Turkish company, bought a 15% stake in Silopi Electricity Company (Silopi Elektrik) from Park Holding in 2015 for $125 million.
The Chinese project title is 建設的土耳其Silopi 2×135 兆瓦燃煤發電廠項目

📚 Sources & References

Silopi Electric
He will deposit what he got from the bank into Silopi!
Silopi Elektrik Üretim Anonim Şirketi İzahname
China Machinery Engineering : Second of CMEC SILOPI Phase-II Project in Turkey Put into Operation
SILOPY ELECTRIC
Park Elektrik
Silopi Elektrik ile birleşiyor!
GSD Holding
Tekstilbank’ın Satışından Aldığını Silopi Elektrik’e Yatırıyor!
Bankadan aldığını Silopi’ye yatıracak! Kaynak: Bankadan aldığını Silopi’ye yatıracak!
GSD Holding
Park Holding A.Ş.'nin enerji sektöründe faaliyet gösteren şirketi Silopi Elektrik Üretim A.Ş'nin yüzde 15'inin 125 milyon dolara satın alınmasını içeren sözleşmenin imzalandığını açıkladı.
ICBC Makes another Inroad on Investment Banking Business
工行投资银行惊艳亮相国际资本市场
中冶制作土耳其锡洛皮二期电厂钢构件集港交货
五冶集团上海钢结构分公司承制土耳其电站项目钢结构集港交货
China Machinery Engineering Corporation Annual Report 2014
Outlawed PKK kidnaps 15 workers in Silopi district of southeastern Şırnak province 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.