Kirikkale CCGT



Project number:


Business sector:

Power and energy

Notice type:


Environmental category:


Approval date:

02 Oct 2012



PSD disclosed:

06 Oct 2011

Project Description

The EBRD is considering providing a senior loan to Acwa Güç Elektrik Işletme ve Yönetim Sanayi ve Ticaret A.Ş. (“Acwa Guc” or the “Company”) for the development of a greenfield 928MW independent power plant (the “Project”) to be structured on a merchant basis and located 50km east of Ankara, near the city of Kirikkale, Turkey.

The Project was initially approved by EBRD Board on 02 October 2012 and the financing documents were signed on December 28, 2012. However, after the signing, International Company for Water and Power Projects (“ACWA Power”) decided to develop the project on its own, as the sole sponsor, under a new generation license for an installed capacity up to about 928 MW (net) on a new location that is close to the previously planned location.

EBRD has re-initiated its review of the Project in 2014 and the ESIA disclosure package was updated due to the new location and was disclosed on the Company and Bank website on 15 July 2014. The new target Board date for the Project is 17 September 2014

Transition Impact

The project’s transition impact stems from three factors:

  1. demonstration of new products through non recourse project financing;
  2. market expansion through sale of electricity through a combination of private off take agreements, to eligible customers and to the Balancing Market where market dynamics dictate the price; and
  3. more widespread private ownership through supporting a privately developed project in Turkey where the state still holds a significant share in electricity generation.

The Client

Acwa Güç Elektrik Işletme ve Yönetim Sanayi ve Ticaret A.Ş is a joint stock company incorporated in the Republic of Turkey and is fully owned by ACWA Power International (“ACWA Power”) incorporated in the Kingdom of Saudi Arabia (the “sponsor”). ACWA Power is a developer, owner and operator of independent water and power projects in the Middle East, North African region and Turkey.

EBRD Finance

A senior secured loan of up to US$ 200 million to Acwa Guc.

The remainder of the required funding is expected to come from a mixture of debt financing (ECAs and/or commercial banks) and Sponsors’ equity/shareholder loans.

Project Cost

US$ 1.0 billion.

Environmental Impact

Environmental classification and rationale

The Project, a new Greenfield state-of-the-art 928 MW Natural Gas Fired Combined Cycle (CCGT) Power Plant has been categorised A under the Bank’s Environmental and Social Policy (2008), requiring an Environmental and Social Impact Assessment (ESIA) of the proposed investment programme inclusive of the associated facilities.

An Environmental and Social Impact Assessment (ESIA) disclosure package was initially prepared for the Project in 2012 and new updated ESIA package was prepared in June 2014 in line with Bank requirements and National requirements for both the plant and the transmission line. The changes in the project location and the route for the transmission line did not reveal any significant E&S implications. The new updated ESIA disclosure package is disclosed on the Company and Bank website in July 2014.

Due diligence undertaken and outcomes

The Bank’s Environmental and Social Due Diligence (ESDD) consisted of an ESIA of the planned investment and a corporate review of the Company to ascertain the Company institutional capacity to implement the Banks requirements.

The ESDD was undertaken by an independent consultant. The ESDD confirmed that the project is designed to meet National and Bank requirements. The Company has the institutional capacity to fully implement the Bank’s Performance Requirements.

The new CCGT will meet the Bank's Performance Requirements and EU environmental standards, namely the EU Industrial Emissions (IE) Directive. The project will have limited impact on land use or water recourses. An action plan in line with the Banks requirements has been developed which covers both construction as well as future operational stages.

The planned new transmission line is still at the design stage, and an initial screening and assessment has been undertaken as part of the Banks due diligence. The ESIA for the transmission line has shown that the new transmission line will not have significant environmental or social impacts. . An ESAP has been developed with the Company which requires among others the full compliance with the Bank’s Performance Requirements for this new transmission line.

The ESIA package and Non Technical Summary (NTS) have also been released for public review by the Project sponsor locally and on its corporate website.

There is an Environmental and Social Impact Assessment available for this project.

Full ESIA documentation is available locally at:


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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