A group led by the UK's National Power is finalising agreements with France's Alstom Power for engineering, procurement and construction services for a 780-MW power station to be built in Ankara. Financial close for the $450 million project is expected before the end of the year.

The concession holders include the local Bayindir and Mimag. The project will be carried out on a build-own-operate (BOO) basis under an agreement signed with the Turkish Electricity Generation & Transmission Corporation (TEAS) in October 1998. The term of operation is 16 years. The treasury will guarantee the obligations of TEAS.

Alstom will supply the 390-MW turbines.

Bayindir and Mimag will be responsible for building the plant. Details about the project's debt/equity structure have not been disclosed.

However, project officials say that financial close is expected by the beginning of 2001 at the latest. Construction will start thereafter.