Conversion of a cargo vessel into a powership ordered by Karadeniz Holding

The vessel will be used to sell power to a country in Africa it declined to name. Karadeniz is already selling electricity in Iraq, Pakistan and Lebanon from powerships converted from bulk carriers or barges with a total power capacity of 1,250 MW. The Istanbul-based company completed building a 136-MW vessel, the Karadeniz Powership Orhan Bey, at the Sedef shipyard in Tuzla that will arrive in Lebanon in August to increase the supply capacity to 270 MW under a three-year contract. “Even some developed countries, such as the U.K., are expected to have shortfalls from 2015 or 2016,” Karadeniz said. “Therefore the U.K. is among the countries we are targeting from 2015 or 2016, as well as all of Africa.” New York is getting power from gas turbine barges, which may mean business opportunities for the company, Karadeniz said. The building of powerships is being financed through bank loans and advance payments from the buyer countries, Karadeniz said. Each vessel costs at least 1.2 million euros per megawatt, Karadeniz said. Karadeniz Holding is getting partnership offers from foreign strategic companies, Karadeniz said. “We can go for it at the right time with the right partner, but there is nothing at the moment,” he said.