Turkish energy plant wins loan for plant expansion
Turkey’s Bis Enerji Elektrik Uretim (Bis) has secured a US$66.3mn loan from UPS Capital Business Credit for the export of American power-generation equipment to Turkey.
Bis will use the new equipment for its combined-cycle steam power plant in Bursa, Turkey, to expand its current electricity-production capacity by 76MW.
The Export-Import Bank of the United States (US Exim) will provide the guarantee on the loan; its fifth guarantee for the plant’s expansions so far.
“US Exim’s loan guarantee affords the US companies involved in the transaction an opportunity to export their American-made products to a Turkish market hungry for electricity,” says US Exim chairman and president Fred Hochberg.
“Equally important is the loan guarantee’s impact on American jobs, which will benefit from the increased business.”
Bis supplies electricity to Turkey’s domestic markets; its Bursa power plant is the largest private sector plant of its kind in the Bursa industrial zone of Turkey, generating electricity by way of natural gas.
Turkey accounted for approximately US$3.8bn of US Exim’s worldwide credit exposure as of the end of the 2011 financial year. In 2011, the bank authorised US$2.1bn in export financing for American goods and services bound for Turkish markets.
UPS Capital Business Credit is a subsidiary of US-based courier service UPS.