RWE and Turcas signed a joint venture agreement

NewsSouth-East European INDUSTRIAL Мarket - issue 2/2009

RWE Holding A.S, RWE’s Turkish subsidiary company, and the Turkish company Turcas Elektrik Uretim A.S., subsidiary of Turcas Petrol A.S. (Turcas) signed a joint venture agreement for the construction of an 800 MW combined cycle gas turbine power plant (CCGT) near the city of Denizli. RWE will own 70% in the joint venture company, which already holds pre-license rights for the power plant. Initially, the main task of the joint venture company is to continue the project development work and further advance the project. A final investment decision is expected by the end of 2009 and construction could start in early 2010.
"We are happy to team up with RWE as partner because RWE is one of the largest companies in the energy sector in Europe and has extensive experience in the operation of gas-fired power plants. We highly appreciate the competence of our partner and look forward to working jointly on the remaining issues. We are optimistic that together with RWE, we can start the operation of the power station within the deadlines we have mutually set ourselves", said Erdal Aksoy, Chairman of Turcas.