Turkish energy company Çalık Enerji has obtained financial guarantees from Germany’ Commerzbank and the Swiss Export Credit Agency (ECA) amounting to approximately $586 million for the construction of a 1574 MW combined-cycle power plant in Turkmenistan, as reported by Global Trade Review last Wednesday.

The construction of the power plant will last for 40 months, during which Commerzbank will issue bond facilities on behalf of Çalık Enerji to the beneficiary - the state energy company of Turkmenistan.

According to the report, Swiss Export Risk Insurance (Serv) is supporting the export of electrical equipment from Switzerland by providing a counter guarantee covering roughly half of the total installation cost.

On October 28, 2023, the President of Turkmenistan signed a decree authorizing the State Power Corporation Türkmenenergo to contract with Çalik Enerji Sanayi ve Ticaret A.Ş. (Republic of Türkiye) for the construction of a 1574 MW combined-cycle power plant in the district of Turkmenbashi, Balkan province, as well as for the construction of power transmission lines to connect it to the grid and the procurement of necessary spare parts for existing state power plants. According to the document, the facility is expected to be operational by May 2027.