Kuwait's ANG unit plans to pour $1.2 bln into gas-fired power capacity in Turkey - media
The Turkish arm of Kuwait's Aswar National Group has acquired local company Benal Danismanlik and plans to invest $1.2 billion (917 million euro) in the 1,060 megawatt (MW) gas-fired power project being developed by the Turkish firm, Turkish media reported.
The project is located in the industrial zone of the Black Sea province of Amasya, business news portal Port Turkey reported on Friday, quoting Cemalettin Ozdemir, an executive at Aswar's Turkish unit A&S Enerji, as telling the press.
The first 530 MW of gas-fired capacity will be built over the next three years at a cost of $600 million while the second phase, which is optional, will be built at a later stage, Ozdemir said. Aswar will finance 70% of the project with loans by Gulf banks and the remaining 30% with own sources.
Aswar is also seeking opportunities in Turkey's renewable energy sector and already has projects under development in the country, according to Port Turkey. Aswar subsidiary Aswar Sems Invest has formed a partnership with South Korean companies CX Concentrix Solar Korea, KEPCO and Kincoa to build 150 MW of solar power capacity for $450 million in Turkey in the next five years, the news portal added.