WASHINGTON (dpa-AFX) - AES Corp. (AES) announced that its 50/50 Joint Venture with Koç Holding in Turkey, AES Entek, has entered into an agreement to develop Ayas, a 625 MW greenfield coal project to be developed in South East Turkey. The project is a 50/50 joint venture between AES Entek and Oyak, Turkey's largest pension fund.
The project is expected to be completed in the second half of 2016 with construction set to begin in late 2012.
'The Ayas plant will help diversify our generation portfolio in Turkey as we look forward to completing the development, securing financing and starting construction in 2012,' said Ned Hall, Executive Vice President and Chief Operating Officer for Generation.
The company stated that it currently operates three gas plants in Turkey with a total capacity of 302 MW along with 62 MW of small hydro facilities.
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