30.11.2010 Power Engineering Int.
British energy services firm John Wood Group has secured an engineering, procurement and construction (EPC) contract valued at around $875m from Dorad Energy to build an 800 MW gas fired power plant in Israel.
John Wood said the plant is due online within 36 months and when completed will represent about 8 per cent of Israel’s total installed power generation capacity. Wood Group GTS has full turnkey responsibility for the combined-cycle plant, which will utilise 12 gas fired turbines connected to a heat-recovery steam generator that will provide steam to run two steam turbines.
According to Reuters, Turkey’s Zorlu Enerji has completed financing of the Dorad plant, of which it holds a 25 per cent stake. Zorlu has secured around $1bn from Bank Hapoalim and Clal Finance Business Credit-led banks’ group.
The project’s total worth is $1.2bn, 80 per cent of which to be financed by loans. Loans will be paid back in 17 years after it is completed in 2013, interest rate between 5.1 and 5.5 per cent.