Turkish construction
company IC Ictas Holding said on Monday it will invest $1.14 billion in 17
hydro-electric power plants in Turkey.
"The construction of
four plants has been completed. Six plants are being built, and we are working
on the projects of seven other plants. Total capacity will be 510 megawatts once
they are all finished," IC Holding Chairman Ibrahim Cecen told a news conference
in Istanbul.
Cecen said 50 percent
of the investment was secured in loans. The company had announced last week it
signed a 13-year loan accord with Turkish lenders Yapi Kredi and Vakifbank for
$253 million.
The loan secured from
those two banks will be used for investment in the construction of the Bagistas
hydro-electric power plant and dam project in eastern Turkey. Total investment
for the project is estimated around $338 million and the plant is expected to
produce 500 million kilowatt-hours annually.
Cecen also said IC
will make a $100 million investment in wind power projects and has applied for a
600 MW project in thermal power plants, which will cost $800
million.
"The target is to
complete our energy investments by 2014," Cecen said.
IC Holding owns the
IC Ictas construction unit and has operations in energy, infrastructure,
tourism, construction and industry. Energy-hungry Turkey is keen to upgrade its
infrastructure to keep up with its fast growing economy and
population.