Czech Export Bank to finance coal mine, power plant in Turkey

The Czech Export Bank (CEB) has started financing construction of a 290 MW coal fired power plant and a brown coal mine in Turkey for CZK11bn ($633m).
 
Prague Daily Monitor reports that Czech companies Ferrit, BTG Energy and Vitkovice Power Engineering are taking part in the project for Turkish firm Adularya.
 
The Turkish side will invest nearly CZK11bn into the project. Of this, investments for the three Czech firms will be worth CZK8.714bn.
 
"The positive decision of the firm Adularya has influenced the financing from CEB which, including the value of guarantees, will reach up to Kc11bn. Thanks to this, the participating Czech firms are gaining further business offers in the Asian region and plan to raise employment in their sectors up to double the current capacities," CEB spokesman Jiri Pekarek said.
 
Preparations for the project started last year in September. The Turkish side handed over the building site to the Czech companies in October.
 
"All suspensive conditions of the loan contract were met at the end of February 2011 and then began the drawing on the export loan, that is the financing of the whole project by CEB. The individual stages of financing will be checked by the firm Bureau Veritas that will be making inspections on the building site," Pekarek added.
 
State-owned CEZ mediates state support to exports by providing and financing export loans and other services related to exports. The bank signed contracts for CZK43.8bn last year, up 74 percent against 2009.
 
An agreement was signed for the Yunus Emre Thermal Power Station A thermal power station, which comprises all of the equipment and systems required to produce electricity by using a steam generating boiler fired with fossil fuels or biofuels to drive an electrical generator. The plant to be built in the central province of Eskisehir.
 
The power station will meet 1.17 per cent of Turkey's electricity consumption with its annual production of 2.21bn kWh.
 
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