In June this year, Masat successfully closed an $80M project financing in the Republic of Turkey. Proceeds from the financing were targeted to complete the construction of Yavuz and Midilli, another run-of-river hydroelectric generating project with a capacity of 33.4 MW. Both projects were granted licenses by the government of Turkey. The Midilli station is currently under construction and is expected to be placed into service in late 2011.

“Cogentrix has made a significant commitment to hydroelectric generation in the nation of Turkey and we are very pleased with the Yavuz station being accepted for commercial operation,” said Thomas Bonner, President of Cogentrix. “We are committed to a continued focus on clean, renewable electric generation in the US and in other select markets, such as Turkey.”