Birecik hydro project passes financing phase

Agreements for the financing of the Birecik dam and hydroelectric power plant project have been signed, with the total contract valued at (US)$1.54 billion. The project will be built and operated for 15 years under a build-operate-transfer agreement by a European consortium led by Germany-based Philipp Holzmann, a civil engineering firm, and Cegelec, an electromechanical equipment firm. The Electromechanical group also includes GEC Alsthom.