Entek Elektrik

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Funding

Entek Elektrik is a subsidiary of Koç Holding which has proposed the Misis Ayas power station in Turkey.[1]

Background

AES Entek was a joint venture between Koç Holding and the US-based AES Corporation which was formed to "develop and operate power generation projects" in Turkey.[2]

In its announcement of the joint venture AES stated that "AES-Entek will diversify into other energy sources - coal, hydroelectric, wind, as well as natural gas - by pursuing greenfield projects, acquisitions, and other opportunities through the Government of Turkey's plan to privatize 15 GW of generation assets. The companies will benefit from Turkey's position as an energy corridor for Europe, the Middle East and Russia by collaborating on projects throughout the region."[2]

In its 2012 annual report AES stated that the joint venture "owns and operates gas-fired and hydroelectric generation facilities in Turkey with an aggregate capacity of 378 MW and is also engaged in an energy trading business."[3] The company reported that in February 2011 it invested $US150 million as its equity investment in AES Entek.[4]

The company reported that:[5]

"During the fourth quarter of 2012, AES entered into an agreement to dissolve a separate joint venture in Turkey with IC Ictas Energy Group. Under the agreement, AES received net proceeds of $10 million and a 100% interest in three hydroelectric plants with an aggregate generation capacity of 62 MW from IC Ictas Energy Group. The Company recognized a pretax gain of $1 million on the dissolution. Thereafter, the Company sold these hydropower plants to Entek and received net proceeds of $82 million. Both transactions closed in the fourth quarter of 2012."

AES provides no additional details on any plans by the company for additional power generation plants.

Coal project

AES Entek was a major shareholder in AYAS Enerji, a company which has proposed the construction of a 625 megawatt coal-fired power station at Yumurtalık in Adana province in Turkey.

In a December 2011 media release AES Entek stated that "the licenses and permissions required for the project are almost completed, and the financing is foreseen to be provided during the year 2012. With its supercritical technology and high efficiency, the plant will generate cheap, reliable and clean energy, and is targeted to be operational as of 2016."[6]

In 2014 AES sold out to Koç. [7]

Articles and resources

References

  1. "Entek Elektrik", Koç website, retrieved Jan 2018.
  2. 2.0 2.1 "The AES Corporation and Koç Holding form Joint Venture to Develop Power Projects in Turkey", Media Release, December 1, 2010.
  3. AES Corporation,[bit.ly/10ggl1N "Fiscal year 2012 Form 10-K"], US Securities and Exchange Commission, February 27, 2013, page 201.
  4. AES Corporation,[bit.ly/10ggl1N "Fiscal year 2012 Form 10-K"], US Securities and Exchange Commission, February 27, 2013, page 150.
  5. AES Corporation,[bit.ly/10ggl1N "Fiscal year 2012 Form 10-K"], US Securities and Exchange Commission, February 27, 2013, page 201.
  6. AES Entek, "Energy Institute' OYAK will conduct the AYAS Project in partnership with AES Entek", Media Release, December 20, 2011.
  7. "AES Corp pulls out of Turkey", Utilities ME, October 14, 2014.

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