First in a series of hydroelectric plants granted licenses by the Government of Turkey
Cogentrix Energy LLC, a leading electric power generation project development company, announced today that Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi ("Masat"), a direct, wholly owned subsidiary of the 100% Cogentrix-owned subsidiary Eti Elektrik, placed in service all three units at the Yavuz hydroelectric generating plant. The Yavuz station was accepted for commercial operation by the Government of Turkey. Yavuz is a 23.4 MW run-of-river hydroelectric plant on the Yesilirmak River in the province of Amasya in the Republic of Turkey.
In June of this year, Masat successfully closed an $80 million project financing in the Republic of Turkey. Proceeds from the financing were targeted to complete the construction of Yavuz and Midilli, two run-of-river hydroelectric generating projects, 23.4 MW and 33.4 MW respectively, each wholly owned by Masat, and granted licenses by the government of Turkey. The lender to the financing was Yapi Kredi Bankasi, A.S of Istanbul, Turkey. The Midilli station continues in construction and is expected to be placed into service in late 2011.
Thomas Bonner, President of Cogentrix, said, "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."
Founded in 1983 and headquartered in Charlotte, N.C., Cogentrix is a recognized leader in the independent power industry for its proven capabilities in developing and operating reliable and economic electric power facilities that meet regulatory and commercial commitments. The Company has offices in Virginia and California in addition to the corporate offices in Charlotte. Cogentrix is a wholly-owned subsidiary of The Goldman Sachs Group, Inc.
Contacts:
Cogentrix Energy, LLC
Jef Freeman 704-525-3800