IC Ictas Holding Announces Investment in Hydro-Electric Power Plants

IC Ictas Holding, a Turkey-based construction company, announced that it has planned to invest about $1.14 billion in hydro-electric power plants in the country, by 2014. The company will invest on 17 hydro-electric plants, in which four plants have been completed, and six plants are under construction. The company is currently working on the remaining seven plants.

The total hydro-electric power capacity of all the projects will be 510 MW. IC Ictas Holding will use  50% of the investment from loans. Accordingly, the company has signed a 13-year loan agreement with Vakifbank and Yapi Kredi, for $253 million. This loan will be used for constructing the Bagistas dam and hydro-electric power project in the eastern part of the country. The total estimation for the project is $338 million. The plant is likely to generate 500 million kWh per year.

The company will also invest $100 million in wind energy projects. In addition, it is seeking approval for a thermal power plant with 600 MW capacity. The thermal power project is expected to cost $800 million.