CEEC to fund construction of Turkey power plant
China Energy Engineering Corporation Ltd (CEEC) has announced that its subsidiary China Gezhouba Group International Engineering Co Ltd has entered into a $1.5 billion design, procurement and construction contract for a pumped-storage power plant in Turkey.
Under the contract, Gezhouba International Engineering will design and build the Egirdir Pumped Storage Power Station Project, located 25 kilometres northeast of the capital of Isparta Province.
The project will have four pumped-storage generating units of 250MW each. The statement says that the contract amount is $1.5 billion, equivalent to approximately 10.62 billion yuan.
A $200 million lending facility was also approved last December by the Asian Infrastructure Investment Bank (AIIB), to advance the country’s renewable energy and energy efficiency infrastructure.
AIIB is providing long-term financing through Türkiye Kalkınma ve Yatırım Bankası (the Development and Investment Bank of Turkey or TKYB) to privately-owned companies in Turkey for investments in renewable energy and energy efficiency infrastructure.
These investments will cover power generation based on wind, solar, geothermal and biomass, along with energy efficiency projects that will result in energy savings and a reduction in carbon dioxide emissions.
Energy demand in Turkey is expected to increase by 50% over the next decade. The country aims to increase renewable energy’s share of total power generation to 50% by 2023 and reduce primary energy consumption by 14% in the same year.
Source: The Asset
Photo (for illustrative purposes): Pumped Storage Power Station / Dr. G. Schmitz / Wikipedia / CC BY-SA 3.0
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