The first limited recourse financing of a gas-fired power
plant in the Turkish merchant sector has closed. It has shown
that it's possible to get domestic banks comfortable with
accepting construction, merchant and gas supply risk in a
market undergoing liberalisation.
The 865MW gas-fired combined cycle power plant in Gebze,
near Istanbul, reached financial close on July 12. Four
domestic Turkish banks provided the financing, which consisted
of a $700 million term loan facility and an $80...