SOURCE: Turkpower

January 12, 2011 09:25 ET

TurkPower Corporation Lands First Wind Project Mandate in Turkey

NEW YORK, NY--(Marketwire - January 12, 2011) - TurkPower Corporation (OTCBB: TRKP) (the "Company") announced today that it has signed a consulting and sell mandate for a WEPP -- Wind Electrical Power Plant -- with a production capacity of 40MW. The Company will perform consulting services and present the project to qualified investors. The total investment amount is aproximately $38M of which 25 - 30% will be in the form of equity. Pursuant to the agreement, the Company would receive success fees of 5% upon closing of the WEPP project for its consulting and financing services. 

"This is the Company's first WEPP mandate in the rapidly developing Turkish wind energy sector. The Company is optimistic to sign additional WEPP mandates in the near future. After Turkish Parliament passed the new energy bill which increases feed-in tariffs (guaranteed purchase price per kWh/MW of electricity) from EUR 5.5 per MW to EUR 7.3 per MW, the expected returns for investors have increased further and debt financing has become more easily available as a result of the higher feed-in tariffs," commented Ryan E. Hart, TurkPower's Chairman.

The Company would like to caution its investors that while it is very excited and optimistic about the WEPP project and other similar large projects, there remain uncertainties and the Company will not be compensated for its efforts until a binding agreement with a purchaser or investor for the WEPP project has been signed.

About TurkPower Corporation

TurkPower Corporation is a Turkish-American consulting and service operations firm with a strong focus on the booming Turkish energy market. TurkPower offers its domestic and international clients consulting services and acts as a full service operator for wind, hydro, solar, coal and geothermal energy parks in Turkey. In addition to its energy business, TurkPower aims at becoming a large player in the Turkish mining industry by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns.

Safe Harbor Statement
The statements by our officers, and other statements regarding optimism related to the business, consulting, service operations, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business and subject to successful financing. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere.

Contact Information

  • Contact:

    TurkPower Corporation
    100 Park Avenue
    New York, New York 10017
    T 212-984-0628
    F 212-880-6499