Limak Dogalgaz

Transaction Description

InfraMed owns 25% of the combined-cycle natural-gas turbine power producer Hamitabat, operated and 75%-controlled by InfraMed’s partner Limak Yatirim. The plant stands 180 km north-west of Istanbul in Lüleburgaz, Kirklareli. Originally built in 1985 as the first natural gas power plant in Turkey, Hamitabat was purchased by Limak in 2013 to conduct a state-of-the-art modernisation. Since its completion in 2017, the plant operates two Siemens H-class turbines, with capacity increased to 1,220MW and efficiency to 60%, making it the most efficient gas-fired power producer in Turkey.

Investment Rationale

The Turkish power sector has evolved into Europe’s fastest growing energy market with an average electricity consumption growth of 8% per annum between 1990 and 2013, while suffering from limited domestic fossil and hydro resources. With its highly efficient and flexible operating capacity and its geographic location near west of Istanbul, Hamitabat is ideally positioned to offer a competitive gas-fired electricity production and contribute to the global stability to the power network.

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