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IC Holding of Turkey to invest in 17 hydropower plants

Turkey-based IC Ictas Holding said it will invest $1.14 billion in 17 hydropower plants in Turkey, wire services reported.

The construction of four hydro plants has been completed, reports indicate.

The combined capacity of all 17 hydro plants will be 510 MW, IC Holding officials told news agencies.

IC said 50 percent of the investment was secured in loans. The company recently announced it has signed a 13-year loan accord with two Turkish lenders for $253 million.

The loan secured from those banks will be used for investment in the construction of the Bagistas hydropower plant and dam project in eastern Turkey. Total investment for the project is estimated around $338 million, and the plant is expected to produce 500 million kilowatt-hours annually.

IC also will make a $100 million investment in wind power projects and has applied for a 600 MW project in thermal power plants, which will cost $800 million, wire services reported.

IC Holding owns the IC Ictas construction unit and has operations in energy, infrastructure, tourism, construction and industry.

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