German energy company RWE will construct a natural gas-fired combined-cycle power plant in the Aegean province of Denizli, a company executive said on Wednesday, Anadolu News Agency reported.
Andreas Radmacher, the president of Executive Board of RWE Turkey, hold a press conference in Istanbul in which he said RWE would cooperate with Turkish energy company Turcas and build and operate 775 MW power plant in Denizli.
"Turkey is situated in the most strategic point in its geography as it is close to not only the biggest gas fields in the world but also close to a giant consumer like Europe," Radmacher said.
Radmacher said Turkey was also an important market with its rapidly growing population, and for those reasons RWE chose Turkey as the milestone of its international business strategy.
The project will be carried out in the form of a partnership between RWE, one of Europe's five leading electricity and gas companies and Turcas, one of Turkey's most experienced and progressive oil, petrochemicals, gas and electricity companies. Turcas will have 30 percent share in the project which is expected to be completed till the end of 2012.
The project will provide electricity to 3.5 million dwellings in Denizli, Aydin and Mugla.
RWE is to invest 500 million Euro in the power plant, which will have 2 percent share in overall electricity generation in Turkey.
One of Europe's five leading electricity and gas companies, RWE is active in the generation, trading, transmission and supply of electricity and gas. More than 70,000 employees supply over 16 million customers with electricity and approximately 8 million customers with gas. In fiscal 2009, RWE recorded about 48 billion in revenue. RWE is the No. 1 power producer in Germany, No. 2 in the Netherlands, and No. 3 in the UK. The market position in Central and South-Eastern Europe is being expanded continuously. Another key focus area is the renewable business.
TURCAS, with its leading position and extensive experience in the Turkish energy sector, has been a partner in numerous successful projects and has an international corporate/organizational culture. Today, TURCAS is fast achieving its target of becoming an integrated energy company working in areas such as petroleum distribution, oil refining, petrochemicals production and marketing, power generation, trading, imports and wholesale of natural gas and electricity in the liberalized energy markets.