The independent appraisal and market analysis by Gifford’s energy and environmental markets team has led to a funding agreement with a syndicate of international and Turkish banks. The new 865 MW combined cycle gas power station near Istanbul will be owned by Yeni Elektrik, a Turkish/Italian joint venture, which will also build the plant.
The Gifford team carried out a detailed assessment of the competitiveness and viability of the proposed power station. The appraisal took account of the rapidly developing Turkish electricity market and how the new power station would compete with other types of power supply in the region.
In particular, the new power station will not be state subsidised and will have to compete in the market place when it is completed in two year’s time and so the economic appraisal was an essential prerequisite to the funding process.