Cenal Elektrik

Cenal Elektrik is a joint venture between the Turkish companies Alarko Holding and Cengiz Holdings. The company has proposed the construction of the 1380 megawatt coal-fired near Karabiga on the southern shore of the Sea of Marmara in Canakkale province, Turkey. The project received a generating licence for the proposed plant in mid-April 2013.

Background information
On its website Alarko states:


 * "our Company Cenal Electricity Generation Inc. has rented the 670.000 m² land from Alarko Energy Generation Inc. (owner of the land) by the sea coast at Karabiga, Çanakkale, and has duly applied to the Environment and Urbanism Ministry to obtain a favorable EIA decision in 2011 and to the EMRA for the license to build an imported hard coal fired thermal power plant with an installed power of 1320 MWe and an annual generation capacity of 9.900 GWh on the land. Our imported hard coal fired thermal power plant with an installed power of 1320 MWe, which we plan to build on our own land in Çanakkkale Karabiga, will be further developed based on the financing and environmental conditions in 2012."

A January 2013 report by an investment analyst stated that Alarko and Cengiz Holdings were each 50% shareholders in the joint venture. The report stated:


 * "Alarko obtained the Environmental Impact Assessment (EIA) report in March 2012, which is a critical milestone for the project. The project’s estimated investment amount is around USD 1.5bn. The power plant will be built on a 664.000 m² plot owned by Alarko Holding. The power plant’s construction is expected to commence in 2013, while the port design, which is an important step for coal fired power plant, already started as of August 2012 and the project is expected to be completed in 2016."


 * "Yet, Alarko has not currently secured the necessary financing for the project. However, it plans to finance it with 25% equity and a 75% loan mix. Alarko expects to receive approximately half of the loan from the China Development Bank as the equipment to be used in the power plant will be imported from China."

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