New York City, October 6, 2010 – TurkPower Corp. updated the status of its exclusive agreement with Enerpro International SA.
The company and Enerpro agreed in November 2009 to participate in Enerpro’s arrangement with Horizon Enerji Dagitim ve Elektrik Uretim A.S. to consult Horizon in the development, construction and financing of its 1,320 MW capacity coal power plant project in the Ceyhan area of Turkey.
Horizon now holds all necessary licenses to construct and operate the plant. Total investment necessary to fund the project is about $2 billion, of which 30 percent is to be in the form of equity.
The company will receive consulting fees upon closing of the Horizon TPP project for its consulting and financing services. In addition, the company will receive a 0.5 percent success fee upon completion of an electricity distribution deal for Horizon and a 2 percent success fee upon completion of an electric production deal for Horizon.
Ryan E. Hart, the company’s Chairman said: “Turkey was the second fastest growing economy in Q1 and Q2 of 2010, and also home of the second fastest growing energy market in the world. The daily growing power demand can only be satisfied with large investments in the Turkish energy sector. The company’s management is working on signing other similar projects.”
The company would like to caution its investors that while it is very excited and optimistic about the Horizon mandate and other similar large projects, there remain uncertainties and the company will not be compensated for its efforts until a binding agreement with a purchaser or investor for the Horizon project has been signed.
TurkPower Corp. is a Turkish-American consulting and service operations firm with a strong focus on the Turkish energy market. TurkPower offers its domestic and international clients consulting services and acts as a full service operator for wind, hydro, solar, coal and geothermal energy parks in Turkey.