Mitsubishi Heavy Industries (MHI) and Ata Kombine Çevrim Santrali Elektrik Uretim Anonim Sirketi, a member of the Urundul Group, have signed a cooperation and strategic partnership agreement to invest in Turkey's power generation sector.
As part of the agreement, MHI will acquire a 50.1% stake in Kirklareligaz Enerji Üretim Sanayi ve Ticaret Anonim Sirketi, which was launched by Ata Kombine Çevrim Santrali Elektrik Üretim Anonim Sirketi.
Kirklareligaz Enerji will construct a 520MW natural gas combined cycle power plant in Kirklareli province, Turkey.
A consortium consisting of Mitsubishi Hitachi Power Systems and Mitsubishi Hitachi Power Systems Europe will construct the power plant and is expected to be completed within approximately 30 months.
The power station is scheduled to be put into operation in 2016.
MHI senior executive vice-president Maekawa said that the cooperation with Üründül Group represents MHI's fourth investment into an overseas power generation project.
"The three previous investment targets were the independent power producer (IPP) AES Energia Cartagena S.R.L. of Spain, Kaliakra Wind Power AD (KWP) of Bulgaria, and Pocheon Power Co., Ltd. of Korea," Maekawa said.
Once the plant begins operations, MHI will ensure that the joint venture, including its business, will be operated stably.
A CCGT power plant consists of a gas turbine, steam turbine, generator, heat recovery steam generator and auxiliary equipment.
The gas turbine is used to produce power, while its waste heat is used to drive a steam turbine that also generates electricity.
Image: Signing ceremony. Photo: courtesy of Mitsubishi Heavy Industries.