|To finish the trio of investments for RHEA Investments so far in 2010, RHEA acquires a 33% stake in Turkey’s first fully integrated solid waste and energy company, Envitec Ltd. Envitec has a 25-year Build-Operate-Transfer concession in a 27 municipality region on the Mediterranean Coast of Turkey. The investment will reach $7 Million in 2010.
Onur Takmak, Chairman of the Board for Vakıf Girisim and Chief Executive Officer of RHEA Investments stated "Natural resources, clean infrastructure and energy are focal points of our investment targets. Vakıf VCIT will continue investing in leaders with the right technologies and with the right implementation projects in Turkey. We are excited to work with partners including Enviro Metall GmbH, Kanyol Construction and Biodegma GmbH to leverage their extensive experience in environmental technologies and projects. Envitec will build a strong brand and become a regional leader in waste management."
Ali Rıza Serter, Chairman of the Board for Envitec, expressed that Iskenderun Area Municipal Solid Waste Project will be the first project in Turkey designed single-handedly end-to-end with a clean environment and European Union guidelines in mind. Serter said "We will be proud to serve a very fast growing population of more than half a million residents for 25 years. Envitec is excited to partner with RHEA and Vakıf Girisim to complete this showcase project and expand to other regional municipalities."
Memet Yazici, Head of Asset Management, RHEA Investments and Board Member for Vakif Girisim commented "With our partnership, Envitec will complete a $35 Million infrastructure investment in the first phase. This investment will cover the daily collection of 600 tons of solid waste per day; separation of recyclables; sterilization and elimination of medical waste; production of organic compost material; flash-drying of municipal waste water treatment products; and managing the landfill for the remaining solid waste. The second phase will also add one of Turkey’s largest organic fertilizer plants and an energy production plant from landfill methane. This is a showcase project focused on maximizing the solid waste re-use and finding the cleanest waste management solutions."
Cem Baytok, Director of Energy Investments for RHEA, mentioned that Envitec has been managing a profitable waste collection operation in the region. Following the investment period the project will generate cash flow equivalent to a 100 MW wind energy generation plant. Baytok added that the clean energy production of the project will be enhanced with additional follow-on investments.
Envitec was founded in 2009 after winning the tender for the Build-Operate-Transfer Solid Waste Management and Energy Generation project for the Iskenderun Region of Turkey consisting of 27 municipalities. Founding partners of Envitec include Enviro Metall GmbH, a Stuttgart-Germany firm focused on clean environment projects; Kanyol Construction Inc of Turkey, and Biodegma GmbH of Germany.
Labels: RHEA investments, Vakıf Girişim