Inframed and Limak reach Financial Close for the Hamitabat CCGT Modernisation Programme

Limak Yatirim and InfraMed Infrastructure have reached financial close for the modernisation of the 1,156 MW Hamitabat Combined Cycle power plant in Lüleburgaz Turkey.

The project is owned 75% by Limak Yatirim and 25% by InfraMed Infrastructure.

The €515 million (US$560.6 million) total project costs are funded by a mix of commercial loans and ECA-covered facilities. The senior lenders group is led by UniCredit and Yapi Kredi Bankasi as Coordinating Mandated Lead Arrangers and included KfW, ING and DZ Bank as Mandated Lead Arrangers. The ECA tranches are covered by Euler Hermes and Delcredere Ducroire.

The power plant is located 180 km North West of Istanbul in Lüleburgaz, K?rklareli and was originally taken over by Limak through privatisation in August 2013. Hamitabat will employ the latest Siemens H-class gas turbine technology, increasing the thermal efficiency above 60%. The new turbines will be fully operational in mid-2017.

In early December 2014 we reported that InfraMed had joined Limak Yat?r?m through a 25% equity participation in the Hamitabat Combined Cycle Power Plant. Hamitabat is InfraMed’s second co-investment with Limak after the fund’s acquisition in LimakPort Iskenderun in 2012.