TurkPower Corporation Lands First Wind Energy Project Mandate in Turkey

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.

 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 power, 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.