InfraMed invests in Limak's Turkish power plant

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InfraMed invests in Limak's Turkish power plant

InfraMed has joined LimakYat?r?m, one of the leading industrial conglomerates in Turkey, through a 25% equity participation in Hamitabat CCPP.

The power plant is located 180km North West of Istanbul in Lüleburgaz, K?rklareli. It is one of the Turkey's largest combined cycle independent power producers, originally acquired by Limak in August 2013 with the intention of conducting a state-of-the-art new plant.

Ebru Özdemir, Chairperson of Limak Investments stated that they have added Hamitabat Combined Cycle Power Plant to their portfolio in 2013, Turkey's first natural gas CCPP with a capacity of 1,156 MW. Özdemir remarked that efficiency of the plant will be enhanced from the current 38% to 62% with new investments amounting €520 million (US$641.4) by which the facility becoming one of the most efficient power plants in the world. Mr. Özdemir stated:

"Investment efforts will meet the growing energy demand of Turkey, as well as positively impacting environment and current account deficit"

Hamitabat is InfraMed's second co-investment with Limak after the fund's acquisition in LimakPort Iskenderun in 2012. InfraMed CEO Frederic Ottavy stated,

"we are delighted that our fruitful co-operation in LimakPort Iskenderun has given rise to a second investment in Turkey. InfraMed, which invests with a long-term view of creating both financial returns and economic development, is pleased to diversify its investments in Turkey from transport to energy". InfraMed Director Marian Bocek stated, "this new investment will meet Turkey's growing electricity demand and will make it a blue-print for the future of Turkey's CCGT market. We hope to set a standard for the region moving forward."

Limak Yat?r?m, in order to reach the targeted generation capacity of 4.000 MW in five years, pursues new investment and acquisition opportunities besides improving the present facilities.

InfraMed, a €385 million long-term infrastructure investment fund focussed on the Mediterranean region, was established in 2010 by five investors: Caisse des Dépôts et Consignations of France, Cassa Depositi e Prestiti of Italy, the European Investment Bank, Caisse de Dépôt et de Gestion from Morocco, and Egyptian investment bank EFG Hermes.

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