Turkey's Zorlu Enerji (ZOREN.IS), the energy arm of Turkish textiles-to-electronics conglomerate Zorlu Holding AS, said Monday that it has secured nearly $1 billion of financing for the 800 megawatt Dorad natural gas plant project in Israel, the Ihlas News Agency, or IHA, reports.
Turkey
's
Zorlu Enerji (ZOREN.IS), the energy arm of Turkish textiles-to-electronics
conglomerate Zorlu Holding AS, said Monday that it has secured nearly $1
billion of financing for the 800 megawatt Dorad natural gas plant project in
Israel
, the
Ihlas News Agency, or IHA, reports.
In a statement, Zorlu said it has a 25% stake in the Dorad project. The other
stakeholders are Eilat Ashkelon Infrastructure Services Ltd. with 37.5%,
Edelcom Ltd. with 18.75% and U. Dori Energy Infrastructure Ltd. with 18.75%.
A number of banks and finance corporations participated in the financing,
headed by Bank Hapoalim BM and Clal Finance Business Credit Ltd., Zorlu said.
The total cost of the project, 80% of which is being financed by loans, is
around $1.2 billion, it said.
Loans will be repaid 17 years after the project is completed in 2013, and the
interest rate on the loan will range between 5.1% and 5.6%, it said.
U.S. Wood Group GTS will perform engineering, construction, purchasing and
logistics activities for the project, Zorlu added.
Zorlu Enerji shares Monday closed 2.52% lower at TRY2.71 in a market that was
3.14% lower overall.
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