InfraMed reaches financial close on Hamitabat

On 22 May 2015, Hamitabat Elektrik Üretim Ve Ticaret A.S reached financial close with respect to a state-of-the-art modernisation of the 1,156MW Hamitabat Combined Cycle power plant, owned 75% by Limak Yatirim and 25% by InfraMed Infrastructure.

The c. €515m 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, Kırklareli 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.

Limak Yatirim is an affiliate of Limak Holding A.Ş. which is one of the largest holding companies of Turkey. Limak Yatirim was established in January 2008 in order to invest in energy and infrastructure and transportation and logistics sectors.

InfraMed, a €385m long-term infrastructure investment fund focused 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.