RWE and Turcas sign joint venture agreement

800 MW gas-fired power station to be built near Denizli, Turkey

(PresseBox) ( Essen, )
RWE Holding A.S, RWE's Turkish subsidiary company, and the Turkish company Turcas Elektrik Üretim A.S., subsidiary of Turcas Petrol A.S. (Turcas) on 20 March 2009 signed a joint venture agreement for the construction of an 800 MW combined cycle gas turbine power plant (CCGT) near the city of Denizli.

RWE will own 70% in the joint venture company, which already holds pre-license rights for the power plant. Initially, the main task of the joint venture company is to continue the project development work and further advance the project. A final investment decision is expected by the end of 2009 and construction could start in early 2010.

Erdal Aksoy, Chairman of Turcas, emphasised during the signing ceremony: "We are happy to team up with RWE as partner because RWE is one of the largest companies in the energy sector in Europe and has extensive experience in the operation of gas-fired power plants." Aksoy continued: "We highly appreciate the competence of our partner and look forward to working jointly on the remaining issues. We are optimistic that together with RWE, we can start the operation of the power station within the deadlines we have mutually set ourselves."

Laying out the importance of the joint venture, Dr. Leo Birnbaum, Member of the RWE AG Executive Board responsible for strategy, explained: "For RWE, this joint venture represents a first step into the Turkish power market. In addition, this project will reenforce RWE's organic growth strategy for southeast Europe. In this region, Turkey in particular needs high levels of additional power plant capacity and we will now be doing our part to cover these requirements."

The envisaged joint venture will be subject to obtaining the required anti-trust clearance from the relevant authorities.
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