Turkey's IC to bid for work on more nuclear plants, CEO says

Ic Enterra Yenilenebilir Enerji

03/06/2024 13:30

By Can Sezer
       ISTANBUL, June 3 (Reuters) - Turkey's IC Holding wants
to build the country's second and third nuclear plants and is
looking at winning more construction contracts abroad,
particularly in Vietnam and Saudi Arabia, its CEO Murad Bayar
told Reuters.
    IC, which was established in 1969, has been one of the top
contractors for major government projects and works on
infrastructure engineering and construction, road and ports
operations and electricity production.
    It is best known for building Turkey's first nuclear plant,
together with Russia's Rosatom affiliate Titan-2 as part of a
$9.3 billion engineering, procurement and construction (EPC)
contract. The first reactor at the 4,800-megawatt (MW) Akkuyu
plant is expected to come on line no later than 2025. 
    IC will bid for contracting work on Turkey's planned second
and third nuclear plants, Bayar said in an interview. 
    "It could be with Russians or with others. If there's a
tender we will definitely submit bids," he said, adding that IC
may also work as a nuclear plant operator.
    Turkey wants to follow up with a second plant in the north
and a third in the northwest. It has been in talks with Korea
and Russia for the second, and with China for the third plant.
    IC expects revenues of $5.5 billion this year, up from $4.5
billion last year, and is interested in large-scale engineering
and construction projects abroad, Bayar said.
    Last year, it won the contract to build Long Thanh airport
in Vietnam's Ho Chi Minh City as part of a consortium and has
secured an EPC contract for a bridge in Saudi Arabia worth more
than $1 billion, Bayar said. 
    It is looking at construction contracts for Saudi Arabia's
massive NEOM development project among others, he said, adding:
"We think we have a chance in those that require extensive
engineering expertise".
    Bayar said IC is also looking into projects in Vietnam,
Malaysia and Pakistan.
    "We think we have sufficient know-how when it comes to
infrastructure operation abroad. We have sizable capacity, we
will be looking into these projects as well," Bayar said, adding
that it is planning to bid for a Qatar road operation tender.
    Bayar also said that IC has mandated JP Morgan for a
eurobond issue to finance its around 500-MW battery storage
renewable energy and construction projects.
    Earlier this year, IC listed IC Enterra  ENTRA.IS , a
holding company for hydroelectric and solar assets. It also
plans further initial public offerings for other assets.  

 (Reporting by Can Sezer; Editing by Jonathan Spicer and
Alexander Smith)
 ((daren.butler@tr.com; +90-212-350 7053; Reuters Messaging:
daren.butler.thomsonreuters.com@reuters.net))