Short Profile

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Short Profile
Group Presentation
UNIT
May 2016
UNIT GROUP
UNIT AT A GLANCE
Table of Content
Page
1
UNIT
0
Company Overview
2
1.1
CHAIRMAN’S FOREWORD
1.2
HISTORY
1.3
BUSINESS DIVISIONS
1.3.1
Electricity Generation Portfolio
1.3.2
Electricity Trading
1.3.3
Power Plant Construction – EPC Works
1.3.4
Property Investments
1.3.5
Gas and Commodity Trade
1.3.6
Biotechnology
1.3.7
Tourism
2
Pipeline Projects
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2
3
4
4
9
10
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12
12
13
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UNIT GROUP
1
1.1
UNIT AT A GLANCE
Company Overview
Chairman’s Foreword
Starting from first steps of Unit, our goal was always to make business deals based on strong
confidence relationships that will endure even through difficult times of any economic or political
turbulence. When we started our initial transactions in early 80’s with Iran, we felt that the country was
offering very strong opportunities for companies who are willing to be patient and persistent while
offering a good value for the business. In this respect, we cooperated with our Iranian counterparts in
order to respond to the needs of the country during the Iran-Iraq war time. We worked together and
designed structured transactions of oil trade by way of bilateral agreements to supply the steel that
Iran needed to reconstruct its cities. Three successful transactions were realized with 175 million, 250
million and 200 million USD tranches, which would be equal to several billion dollars today.
Following the end of the war, our company gratefully started to look for other area of cooperation with
Iran. As a growing economy, Iran was in need for new power plants to supply the amount of energy its
strong industry needed. Unit in collaboration with world multinational companies succeeded to
construct and finance four gas fired power plants namely Shariati 250 MW, Fars 740 MW, Shaid
Rajaee 740 MW, Montazer Ghaem 700 MW in early 90’s for Iranian Government. Our knowledge and
expertise would later be used for the services of the Iranian private sector for investing in the first
privately owned BOO model gas fired power plant Rudeshur 750 MW CCGT which is operational
since 2007 with very high reliability and performance standards.
Today, we are proud to mention that even during the sanction period we never gave up our old
friendship and ties in Iran. Me and my Iranian colleagues went through a difficult period during
sanctions but we have always believed that Iran would find its well-deserved place in international
business arena. We are confident that Iran will show a great growth story and recuperate the difficult
time left behind.
We are a company who has taken a pioneer role in Turkey in early 90’s to structure the first BOT type
of power investment of the country. We established partnerships with world’s energy giants to guide
them in Turkey for co-investing with us in a state of the art CCGT which is still in operation under a
win-win base power purchase agreement with Turkish Government. The new scheme has paved the
way for more than 25,000 MW of international energy investment in Turkey. All our knowledge and
financing capabilities we accumulated till today are at Iranian Government’s disposal. We started
development of CCGT projects amounting in total 5,200 MW in various strategical locations in Iran as
well as 800 MW renewable projects requiring more than 6 billion USD of direct foreign investment in
Iran. We are confident that, with the support of Iranian authorities the realization of our new projects
through structuring international financing, will take place ahead of all the schedules and forecasts. As
stated above, our philosophy of making business is to create strong relationships that will be
supported by hard work, risk taking and long-term confidence.
Ünal Aysal
Chairman
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UNIT GROUP
1.2
UNIT AT A GLANCE
History
Established in 1974, today UNIT is a reputable experienced group the power sector. The group is one
of the most active players in the Turkish energy market with in-house expertise in EPC contracting,
project development, financing, power plant operation, investment and electricity trading. This allows
UNIT to develop projects with high efficiency and in a tight time frame and execute projects of quality,
on time and within budget.
Main activities of UNIT can be summarized as follows:

Project development including land selection, authorizations/licensing, complex contract
negotiation and financing

Turnkey EPC power plant construction

Electricity trading and;

Investment in energy, real estate and tourism
Below is a chart illustrating the division of different business lines of UNIT. Unit Investment NV is the
investment vehicle of UNIT, whereas Unit International SA is the tool to realize trading and EPC
transactions. UNIT’s generation assets turnover in 2015 was 400 million USD (as per the shareholding
percentages) and trading arm’s turnover was be in the range of 250 million USD.
Unit Investment NV minority share sale process to International Finance Cooperation (“IFC”) has been
successfully completed on October 2015. With its 23.04% stake in Unit, IFC is targeting to enlarge
their presence in the developing Turkish energy market.
Company Chart
Unit Investments SA SPF
(LUXEMBOURG)
100%
EUROPEAN POWER SYSTEMS SA
100%
EUROPEAN ENERGY SYSTEMS SA
100%
(LUXEMBOURG)
(LUXEMBOURG)
UNIT INTERNATIONAL SA
(BELGIUM)
100%
UNIT INVESTMENT NV
(NETHERLANDS)
33%
GüneyTurizm A.Ş.
Unit HELLAS - Electricity
Trade Company (Greece)
51%
Duru Gayrimenkul
Yeni Elektrik Üretim A.Ş.
865 MW CCGT
Unit Energy Trade SRL
(Romania)
80%
ASL Havacılık A.Ş.
99,6%
Unimar Enerji Yatırımları
Aura Demir Çelik Ticaret A.Ş. 99,6%
Unit Gayrimenkul Yatırımları
100%
Unit Elektrik- Electricity
99,6%
Akdenizli Elektrik Üretim A.Ş
49 MW Hydro PP .
59,7%
32%
A.Ş 480 MW CCGT.
100%
70%
Trade Company (Turkey)
(Turkey)
VGE - 1 OOD (BULGARIA)
9 MW Wind PP
UNES İşletme ve Bakım A.Ş
.
O&M
(Turkey)
50%
Univiridas D.O.O.
Boğaz Elektrik A.Ş.
(Turkey)
94,7%
(CROATIA 10 MW Biomass PP)
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96%
99,6%
Boyabat Elektrik Üretim A.Ş
513 MW Hydro PP.
A.Ş.
100%
A.Ş.
Unit Biyoteknoloji
Tarım ve
96%
Hayvancılık A.Ş.
Unit Turistlik Tesisler A.Ş.
97%
UNIT GROUP
1.3
UNIT AT A GLANCE
Business Divisions
1.3.1
Electricity Generation Portfolio
1.3.1.1 UNIMAR CCGT
The 480 MW Uni-Mar Combined Cycle Gas Turbine (“Uni-Mar”) is known as the first B.O.T. scheme
power plant project authorized by the Government of Turkey. Located in Marmara Ereğlisi (Tekirdağ),
th
the power plant completed its 15 operational year. The underlying authorization of Uni-Mar has been
granted by the Ministry of Energy and Natural Resources pursuant to an Implementation Contract
executed on June,18 1993. The authorization period is 50 years and the initial term of the energy
sales agreement expires in 2019, being extendable subject to mutual agreement.
UNI-MAR
Location : Marmara Ereglisi, Turkey
Contractor: ABB
Project Type: CCGT
Capacity: 480 MW
Shareholder Structure:
33% UNIT, 33% Marubeni,
33% International Power
Electricity Generation: 3.800.000 MWh/year
Commercial Operation Date: June, 1999
Total Investment Cost: 620 million USD
Financing: Citibank, BNP Paribas (Arrangers) 495 mln USD (fully repaid)
1.3.1.2 Boyabat HEPP
The construction of 513 MW hydroelectric power plant (located in Sinop Province in the Black Sea
region of Turkey) was completed on scheduled target in 2012 and became fully operational in
December 2012. Boayabt is the largest hydroelectric power plant owned by private sector. The plant
has an annual power generation capacity of around 1,350 GWh. With its massive dam storage and
high installed capacity, the plant is recognized as one of the few real peak hour power plants in the
Turkish electricity system with no royalty payable to General Directorate of State Hydraulic Works for
water usage rights.
UNIT is partner with equal shares with Doğuş and Doğan Groups in the special purpose company
Boyabat Elektrik Üretim ve Ticaret A.Ş.
The total project costs are about 1.2 billion USD. The 750 million USD of total project finance was
awarded the European Hydro Power Deal of the Year 2010 award by Euromoney/Project Finance
Magazine (later refinanced with 540 mln USD and 360 mln USD equivalent EUR loan tranches) with
better terms and conditions).
BOYABAT
Location : Sinop Boyabat, Turkey
Contractor: Dogus Insaat ve Tic A.S.
Project Type: Dam Type HPP
Capacity: 513 MW
Shareholder Structure: 33% UNIT, 33% Dogan, 34% Dogus
Electricity Generation: 1.350.000 MWh/year
Commercial Operation Date: December, 2012
Total Invesment Cost: 1.2 Billion USD
Financing: Garanti - Is Bankasi - Yapi Kredi – TSKB - Akbank 900 mln USD
equivalent project finance loan
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Night view from Boyabat HEPP
Boyabat has a dam length of 60 km
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UNIT AT A GLANCE
UNIT GROUP
UNIT AT A GLANCE
1.3.1.3 Yeni Elektrik CCGT
Yeni Elektrik CCGT, situated at the core of the Turkey’s industrial hub and equipped with state of the
art technology, is a competitive player in the Turkish Electricity Market which is operational since
December 2013. Following a meticulous project financing process, in June 2010 four Turkish Banks
(Garanti Bank, Yapı Kredi Bank, VakıfBank, İş Bank) committed 700 million USD term loan financing
on a limited recourse basis. Being the first limited recourse merchant power project financed in Turkey,
Yeni Elektrik Üretim received the following awards from leading industry trade journals: Turkish Deal of
the Year 2011 by PFI, European Power Deal of the Year 2011 award by Euromoney / Project Finance,
2011 Deal of the Year - Power by Infrastructure Journal.
The project benefits from strong partnership credentials, composed primarily of UNIT with a 60% stake
and Ansaldo Energia 40%, Italy’s leading provider of thermoelectric power plants possessing a proven
track record in the construction of CCGT’s. In addition, Ansaldo Energia acted as EPC contractor
through a lump-sum, fixed price, date certain turnkey contract. The Project with its, strategical location
at the heart of Turkey’s most intense industrial zone, plays a strategical balancing role for transmission
grid stability.
Yeni Elektrik Combined Cycle Power Plant
Location: Kocaeli Dilovasi, Turkey
Contractor: Ansaldo energia S.P.A.
Project Type: CCGT
Capacity: 865 MW
Shareholder Structure: 60% UNIT, 40% Ansaldo Energia S.p.A.
Electricity Generation: 5.000.000 MWh/year
Commercial Operation Date: December, 2013
Total Invesment Cost: 1 Billion USD
Financing: Garanti - Is Bankasi - Yapi Kredi - Vakif, 700 mln USD
Night view from Yeni Elektrik
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UNIT GROUP
UNIT AT A GLANCE
The cycling capabilities of Yeni Elektrik makes it one of the most competitive market players
1.3.1.4 Bağıştaş HEPP
Bağıştaş II has achieved full capacity in April 2013 with the provisional acceptance of the third turbine.
With a reservoir capacity of 250 hm³, it provides controlled water inflow to the project, which is
essentially allocated to peak hours. Contrary to its peer projects (less than 50 MW) Bağıştaş II has
additional regulatory rights to participate to balancing market. Following the completion of Bağıştaş I
project located on the upper stream of the river, the project has gained more water management
capacity. Bağıştaş II with its run of the river type design and installed capacity less than 50 MW is
granted the right to receive its generation payments from the renewable tariff mechanism denominated
in USD currency. The subscription to renewable tariff is a yearly option for the company.
BAGISTAS II
Location: Erzincan, Turkey
Contractor: Taseli Sal – Dong Fang Siemens
Project Type: Run of River Type HPP
Capacity: 49.8 MW
Shareholder Structure: %100 UNIT
Electricity Generation: 177.930 MWh/year
Commercial Operation Date: December, 2012
Total Investment Cost: 106 Million USD
Financing: TSKB, 47 mln USD
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UNIT AT A GLANCE
Bağıştaş is located on of the main branches of Euphrates
1.3.1.5 Prolez WEPP
Prolez Wind Energy Power Plant, with an installed capacity of 9 MW which was constructed and
commissioned on turn-key basis by Vestas, is a renewable energy power plant that has been in
operation since December 2010.
It is located in Shabla, Bulgaria which is known for its wind potential being one of the most favourable
around the Black Sea.
BULGARIA WIND
Location: Shabla, Bulgaria
Contractor: Vestas
Project Type: Wind Park
Capacity: 9 MW
Shareholder Structure: 100% UNIT
Electricity Generation: 22.000 MWh/year
Commercial Operation Date: December, 2010
Total Investment Cost: 11 million EUR
Financing: Demir Halk Bank, 10 million EUR
1.3.1.6 Babina Greda Biomass Power Plant
Having been started to be developed in early 2011, 9.7 MW Babina Greda Biomass Power Plant is the
largest biomass project in Croatia. MW Power OY, of Finland, has been selected as the turnkey EPC
Contractor for the project. The project has secured the wood chip fuel supply and will be operated by
Valmet the O&M contractor.
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UNIT GROUP
UNIT AT A GLANCE
30 million EUR of project financing with 16 years of door-to-door maturity, which was backed by the
ECA insurance of Finnish Export Agency, Finnvera, has been closed in September 2013 and the
construction of the project has been initiated in late 2013. The project will become operational in
August 2015.
CROATIA Biomass
Location: Babina Greda, Croatia
Contractor: MV Power OY
Project Type: Renewable / Biomass
Capacity: 9,7 MW
Shareholder Structure: 70% UNIT, 30%Others
Electricity Generation: 77.660 MWh/year
Commercial Operation Date: April, 2015
Total Investment Cost: 38 million EUR
Financing: Finnvera, Credit Europe, Bank Pozitif, 30 mln EUR
1.3.1.1 Zakho SCGT
Zakho project is designed as a natural gas simple cycle gas turbine power plant (SCGT) with a net
capacity of 840 MW (Phase I) for the initial phase in Northern Iraq under a Build-Operate (BO) model
backed by the Ministry of Electricity (“MoE”) through a 15 years take or pay off-take agreement for
upto 80% of electricity capacity. The remainder capacity can be sold to export markets. The project
company will source fuel from Ministry of Energy and Natural Resources (“MoNR”) for free of charge
for the electricity sale to domestic market (KRG) and will have rights over the cash flows generated by
the project during the term of the PPA (signed and secured by Kurdish Regional Government). IFC
will likely become a shareholder both at the level of the SPC and holding company, in both cases as a
minority shareholder, as well as being mandated lead arranger and debt provider.
Under a fixed price turn-key EPC Contract, the EPC Contractor consortium Ansaldo/Gama will be
responsible for the design, manufacturing, transportation, construction, installation and commissioning
of the Zakho power plant, allowing the delivery of generated electricity to the MoE transmission grid.
As part of the extension plan (Phase II), the project company has also secured the rights of combined
cycle conversion of the Plant up to 1,260 MW capacity through the executed PPA, for a period of 15
years from entry into operation. Subsequent to the completion of phase I, the project company will
procure financing for phase II on the basis of the current project contracts within a similar security
structure.
1.3.2
Electricity Trading
UNIT Group’s first electricity trading company, UNIT Elektrik, has been established and licensed by
the Energy Market Regulatory Authority (EMRA) of Turkey in 2005 and is one of the oldest electricity
trading companies in the country. Unit elektrik actively began participating in the wholesale market
since 2009. In 2015 UNIT Elektrik reached a total contracted annual sales volume exceeding 5,500
GWh and 635 MW in peak hours making Unit Elektrik one of the market leaders.
UNIT’s trade house consists of its licensed trading companies in Turkey, Bulgaria, Greece and
Romania, which are all eligible to trade within its country of origin as well as across borders. With its
solid infrastructure and professional approach, UNIT Elektrik and UNIT’s other trading companies in
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UNIT GROUP
UNIT AT A GLANCE
Europe are important counterparties to Europe’s largest trading companies such as Statkraft Markets,
Gen-i, Repower, Vitol and Public Power Corporation.
1.3.3
Power Plant Construction – EPC Works
The Group’s involvement in the energy sector started in 1989 in Iran when it was awarded contracts
for equipment supply and construction for power plants to be developed in Montazer Ghaem, Shaid,
Fars and Shariati. The Group has completed the turnkey EPC works of 750 MW of Rudeshur Natural
Gas Power Plant in Iran in 2008 bringing the overall successfully completed plants’ installed power
generation capacity total to over 3,200 MW.
RUDESHUR
Tehran, Iran
Location: Build Own-Operate scheme Power Plant, Tehran Iran
Total capacity: Phase I : 800 MW / Phase II : 550 MW / Phase III : 800 MW
Principal manufacturers of major equipment: Gas Turbine Siemens – V94.3A
MONTAZER GHAEM
Karadj, Iran
Location: Build Own-Operate scheme Power Plant, Karadj Iran
Total capacity: 700 MW
Principal manufacturers of major equipment:
Gas Turbine - General Electric Licensed - Frame 9E
SHADID RAJAEE
Qazuin, Iran
Location: Build Own-Operate scheme Power Plant, Qazuin Iran
Total capacity: 740 MW
Principal manufacturers of major equipment:
Gas Turbine - General Electric Licensed - Frame 9E
FARS
Shiraz, Iran
Location: Build Own-Operate scheme Power Plant, Shiraz Iran
Total capacity: 740 MW
Principal manufacturers of major equipment:
Gas Turbine - General Electric Licensed - Frame 9E
SHARIATI
Mashad, Iran
Location: Build Own-Operate scheme Power Plant, Mashad Iran
Total capacity: 250 MW
Principal manufacturers of major equipment:
Gas Turbine - General Electric Licensed - Frame 9E
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UNIT GROUP
1.3.4
UNIT AT A GLANCE
Property Investments
Unit Properties is targeting to become one of the leading owner and developer of first-class real estate
segment in Turkey.
Located within the International Financial Center Istanbul, a GLA building with a land area of 6.741 m²
and 50.000 m² will be the first office building investment of Unit’s real-estate arm. It is located in the
newly developing finance center of Turkey in Atasehir district of Istanbul City - Istanbul International
Finance Center (IFC). The 6.5 billion TL project, which will be completed by the end of 2018, will be
built on a 300,000 m² area and is anticipated to employ approximately 50,000 people. The center will
also include a 3,000 capacity congress and exhibition center, a library, hotel, school, mosque, nursery,
medical center, fire station and police headquarters. A special incentive package is expected to be
introduced by Ministery of Finance of Turkey for transforming Atasehir district to a unique and
prestigious finance center in Middle East.
UNIT Group’s main strategy is to allocate all real estate investments under an umbrella company and
to pursue further growth in other strategical locations .
Istanbul Finance Center is a candidate to be one of the world’s financial hubs
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UNIT GROUP
UNIT AT A GLANCE
Unit is cooperating with best architectural designers for the project
1.3.5
Gas and Commodity Trade
UNIT Group is a sizeable client in the Turkish gas sector, with approximately 2 bn cbm/year. The
Group targets to build up its own client portfolio by combining UNIT’s internal consumption and
demand from end users. Considering the end user portfolio of UNIT through UNIT Elektrik, the retail
electricity sales company, UNIT expects to create a synergy for gas whole sale and retail business. In
addition, the current investment and presence in north of Iraq is expected to facilitate the future gas
exports from this region.
1.3.6
Biotechnology
Unit Biotechnology Agriculture Stock Farming and Industry inc. was established in Igdır in 2007 as an
agricultural production facility. The company is engaged in the production of fruit puree concentrate
and tomato paste from produce grown on the microclimate region soils. Today Unit Biotechnology
produces apricot-apple-peach puree concentrate and tomato paste. The company has strived to
increase productivity through augmented technology usage and to support organic agriculture. High
quality standards are maintained in the processes of cultivating, storage, processing and packaging.
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UNIT GROUP
1.3.7
UNIT AT A GLANCE
Tourism
In addition to its activities in the energy sector UNIT Group is operating in the tourism sector with the
following hotels:
Hotel Les Ottomans is the refurbishment of an antique Sultan house which is transformed to one of
the world’s most luxurious boutique hotels. Les Ottomans, with its unique location on the European
side of the Bosphorus has become one of the symbols of Istanbul.
Hotel Ma Biche is located in Antalya, Kemer a hot spot for Turkish international tourism. Hotel has a
bed capacity of 710 and is welcoming his guests in 348 rooms. Ma Biche is also known for the
thalassotherapy services which differentiates it from its peers.
Hotel Les Ottomans together with Bosphorus Bridge
Hotel Ma Biche with its private beach in Kemer Antalya
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UNIT GROUP
2
UNIT AT A GLANCE
Pipeline Projects
Unit is currently developing CCGT and renewable project in various locations in Iran. Some of the
under development projects are as follow:

Sufian CCGT 1200 MW

Zahedan CCGT 600 MW

Save CCGT 1200 MW

Ahvaz CCGT 1200 MW

Mehran CCGT 450MW

Quasr-ı Shirin CCGT 600 MW

KHAF Wind Farm 150 MW

HAMOON Wind Farm 50 MW

QAEN Wind Farm 50 MW

SHAHROUD Wind Farm 50 MW

MIL NADER Wind Farm 50 MW

ZABOL Wind Farm 50 MW

SARAB Wind Farm 50 MW

SOLTAN ABAD Wind Farm 50 MW
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