Turkish energy company Çalık Enerji, with financial backing from German bank Commerzbank and Swiss export credit agency (ECA), will construct a steam gas power plant with a capacity of 1574 MW in the city of Türkmenbaşy, Balkan Province of Turkmenistan. This project is in accordance with a contract signed between Çalık Enerji and TurkmenEnergo, as reported by the online publication "Türkmenistan habarlar portaly".
The construction of the power plant is set to be completed over a period of 40 months. As per the terms of the contract, during this period, the German bank will issue contract bonds on behalf of the Turkish company in favor of the State Power Company of Turkmenistan. Approximately half of the project cost will be covered by counter guarantees from Swiss Export Risk Insurance.
