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Mitsubishi Heavy Industries Ltd and (Urundul Group) Ata Kombine Cevrim Santrali Elektrik Uretim Anonim Sirketi Sign Partnership Agreement in Power Generation Business in Turkey

Mitsubishi Heavy Industries, Ltd.
Ata Kombine Çevrim Santrali Elektrik Üretim Anonim Sirketi
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Tokyo, March 5, 2014 - Mitsubishi Heavy Industries, Ltd. (MHI) based in Tokyo, Japan, and Ata Kombine Çevrim Santrali Elektrik Uretim Anonim Sirketi, a member of the Urundul Group based in Istanbul, Turkey, have signed a cooperation and strategic partnership agreement of investing into power generation project at a signing ceremony held at Çırağan Palace Kempinski, Istanbul, Turkey on March 4, 2014.

[Signing
The agreement allowed Mitsubishi Heavy Industries Ltd. to acquire a 50.1 percent interest in Kırklareligaz Enerji Üretim Sanayi ve Ticaret Anonim Sirketi which has been founded by Ata Kombine Çevrim Santrali Elektrik Üretim Anonim Sirketi.

After signing the agreement, the parties announced that Kırklareligaz Enerji Üretim Sanayi ve Ticaret Anonim Sirketi would build a natural gas combined cycle power plant with an installed capacity of 520 MW in Turkey, Kırklareli province.

The power plant will be built by a consortium consisting of contractors Mitsubishi Hitachi Power Systems Ltd and Mitsubishi Hitachi Power Systems Europe Ltd. Construction is expected to be completed within approximately 30 months and the power plant is scheduled to be put into operation in 2016.

"We are pleased by this partnership that we have forged with Mitsubishi Heavy Industries Ltd. in the field of energy." said Ömer Üründül, Vice Chairman of the Üründül Group. "Üründül Group will resolutely move toward its goal to become a leader in the field of generation of electric energy in Turkey thanks to this partnership in addition to its 30-year history and experience dedicated to the development of the Turkish economy and the energy industry." concluded his words.

Mr. Maekawa, Senior Executive Vice President of Mitsubishi Heavy Industries, Ltd. said that "The partnership with Üründül Group represents Mitsubishi Heavy Industries Ltd's fourth investment into an overseas power generation project. The three previous investment targets were the independent power producer (IPP) AES Energia Cartagena S.R.L. of Spain, Kaliakra Wind Power AD (KWP) of Bulgaria, and Pocheon Power Co., Ltd. of Korea." Mitsubishi Heavy Industries Ltd will be more deeply involved in the Kırklareli CCGT Power Plant than in its previous investment projects. Specifically, Mitsubishi Heavy Industries, Ltd. aims to collaborate with Ata Kombine Çevrim Santrali Elektrik Üretim Anonim Sirketi to ensure that construction is completed on schedule and that, once onstream, the joint venture including its business will be operated stably.

They made also some relevant technical explanation: "A gas turbine combine cycle power generation system consists of a gas turbine, steam turbine, generator, heat recovery steam generator and auxiliary equipment. In a gas turbine combine cycle system, the gas turbine is used to generate electricity and its waste heat is used to drive a steam turbine, which also produces power. This configuration enables gas turbine combine cycle power plants to make more effective use of energy, thus saving energy, and to emit less carbon dioxide (CO2), enhancing environmental compatibility. Mitsubishi Heavy Industries Ltd has already delivered numerous gas turbine combine cycle systems and gas turbines, the system's core component, both in Japan and around the world, winning the company the market's broad and solid trust in its technologies and experience."