Fox Pol Enerji Yatırımları San. ve Tic. A.Ş.
The Kurdish government publically guaranteed the Power Purchase Agreement (PPA), which was signed between Polteks and the regional Kurdish Government in July 2009 for a 150 MW fuel oil power station. This agreement provides a purchase guarantee for a period of 15 years. The power station is built on an area of 150,000 square meters at a total cost of $100 million USD. The Fuel Oil Power Station with a 150 MW capacity generates approximately 1,150,000 MWh of electricity annually and yields approximately $32 million USD in revenues.

The annual average EBITDA is about $23.5 million USD. Approval from the Ministry of Energy to increase the capacity of the existing facility from 150 MW to 500 MW has been obtained.


Iraq appears to be on the way to becoming an important source of energy in the future, thanks to its wealth of natural resources. The power station project designed to be built in the Zakho region in Iraq will be a joint effort of Unit, Polteks Energy and the IFC. The project consists of two phases. A total of 1,260 MW-capacity will be realized in the second phase, with 840 MW being realized in the first phase. The first phase of the power station with $800 million investment is scheduled to become operational in the year 2018. According to the agreement signed with the Northern Iraq Regional Government in December 2013, the government has granted an energy purchase guarantee for a period of 15 years. The construction of an energy transmission line and transformer substantion is included within the scope of the project. The turbines of the power station will be supplied by ANSALDO. The financing of the project will be provided by SACE, ANSALDO, IFC and consortium banks.
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