“Çalık Holding, whose chairman is Ahmet Çalık, received a package of guarantees from Europe worth $586 million through its Swiss subsidiary Çalık Enerji Swiss.

Thanks to the funding received, Çalık will build a gas-steam power plant with a capacity of 1,574 MW in Turkmenistan. The guarantee package that will be used for the construction of the facility is provided by German banking giant Commerzbank and the Swiss Export Credit Agency (ECA).

The construction period of the power plant is 40 months, and during this period Commerzbank issues contract bonds on behalf of Çalık Enerji to the beneficiary, the state-owned energy company of Turkmenistan. Swiss Export Risk Insurance (Serv) supports the export of electrical equipment from Switzerland by providing a counter guarantee covering approximately 50% of the total installation cost.

“For our project in Turkmenistan, we are purchasing a large amount of equipment from GE Switzerland, including gas and steam turbines,” Çalık Enerji commented. The Turkish publication Patronlar Dünyası writes about this.

Çalık Enerji won an open tender in October and began construction of the power plant at the end of 2023 in Kiyanly. Consulting law firm Watson Farley & Williams (WFW) said of the agreement aimed at supporting Turkmenistan's energy sector: “We are pleased to advise our long-time client Çalık Enerji on this innovative international structured finance transaction, which will make a significant contribution to reduction of CO2 emissions in Turkmenistan.”

ORIENT news