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ENRON CONSORTIUM BEGINS CONSTRUCTION OF TRAKYA POWER PROJECT IN TURKEY
FOR IMMEDIATE RELEASE: Tuesday, October 8, 1996
HOUSTON -- Enron Corp. today announced that contractors for the Trakya Electrik project have been given notice to proceed with construction of an approximately $600 million, 478-megawatt, natural gas fired power project in Marmara, Turkey. Construction is expected to be completed by mid-1999.
The project is being funded with loans from the Overseas Private Investment Corp., up to $95 million; a commercial loan from Bayerische Landesbank Girozentrale, up to $120 million; and financing from a bank syndicate led by Bankers Trust Company with a U. S. Ex-Im Bank political risk guarantee, up to $250 million. Ex-Im Bank also has committed to provide a term loan to refinance the Bankers Trust construction facility. The partners have committed equity of approximately $150 million.
The plant will supply power to the state power utility, Turkiye Elektrik Uretim, Iletim, A.S. (TEAS), under a 20 year power purchase agreement. Turkey’s Undersecretariat of the Treasury has guaranteed the payment obligations of the Turkish agencies. Turkey’s state gas company, Boru Hatlari Ile Petrol Tasima A.S. (BOTAS), will supply natural gas to the project.
An Enron Corp. affiliate holds a 50 percent interest in the Trakya Electrik power project. Affiliates of the following companies own the remaining percentages of the Trakya project: Midlands Electricity of the United Kingdom, 31 percent; GAMA Endustri of Turkey, 10 percent; and Wing International, Ltd. of the United States, 9 percent.
Enron Engineering and Construction affiliates and a GAMA affiliate have formed a consortium that is acting as the turnkey construction contractor. Another Enron affiliate is expected to be the plant’s operation and maintenance contractor.
Enron Corp., one of the world’s largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates the largest natural gas transmission system in the Western Hemisphere and the second largest system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns 59 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron Corp. is traded under the ticker symbol, "ENE."
For additional information please contact:
Kelly Kimberly
(713) 853-5377
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