$500m power plant to be built in Turkey

Global Yatirim Holding AS (GLYHO), a Turkish group with interests in energy, port operations and finance, have hired China National Electric Engineering Co. to build a 270-MW thermal power plant in southeast Turkey for $500m.

China National Electric will construct the asphaltite-fueled plant in Sirnak under a turnkey contract, and operate and provide maintenance for four years after the construction phase, according to Bloomberg.

The Chinese company will also receive a 10 percent stake in Global’s Galata Enerji Uretim Sanayi & Ticaret unit, which plans to complete the project in 30 months from the first quarter of 2012.

The Turkish company plans to expand the site through an investment of $2.5 billion to reach total capacity of 2,000 MW in the long term, Atay Arpaciogullari, business development manager of Global Yatirim, said in a statement.

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