The International Finance Corporation (IFC) said it is lending $170 million
(137.2 million euro) to ACWA Power, an independent Saudi Arabian developer of
power projects, for the construction of a new natural gas-fired power plant in
Turkey.
The $1.0 billion plant, to be builtnear the city of Kirikkale in
Central Anatolia, 50 kilometres east of Turkey’s capital Ankara, will have
capacity of 950 megawatts, IFC said in a statement on Tuesday.
"The
Kirikkale power project, which when completed will be a highly competitive
electricity generator, is the company's first investment in Turkey,” Paddy
Padmanathan, president and CEO of ACWA Power International, said.
“It is
a solid foundation for the multi-fuel power-generation portfolio we seek to
establish in this thriving economy."
According to the statement, the
European Bank for Reconstruction and Development (EBRD) is lending $250 million
in support of the project.