The Turkish company Çalık Enerji received a financial guarantee from the German bank Commerzbank and the Swiss Export Credit Agency (ECA) in the amount of 586 million USD for the construction of a combined cycle power plant with a capacity of 1574 MW in the city of Turkmenbashy in the Balkan region of Turkmenistan. The IIC reports this.
Construction of a large energy facility will last 40 months. During this period, Commerzbank will issue contract bonds on behalf of Çalık Enerji to the beneficiary, the state-owned energy company of Turkmenistan.
The Swiss export credit agency SERV provides support for the export of electrical equipment from Switzerland by providing a counter guarantee covering about half of the total construction cost of the power plant.
On October 28 last year, President of Turkmenistan Serdar Berdimuhamedov signed a Resolution permitting Türkmenenergo to enter into a contract with the Turkish Çalik Enerji for the construction of a 1574 MW power plant in Turkmenbashy. According to the document, the facility should be commissioned in May 2027.