GE (NYSE: GE) and Turkish energy company MetCap Energy Investments today announced their investment in one of Europe’s most efficient, natural gas-fired power plants.

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• MetCap and GE Announce Advanced Technology Projects to Boost Turkey’s Energy Supply Including Eurostar and Dervish Extension
• Energy Output License Extension Paves Way for MetCap to Add Second Unit of GE’s New FlexEfficiency* Technology for Dervish Extension
• New Investments will Push MetCap Installed Capacity with GE Technology to more than 2,000 Megawatts by 2016

ISTANBUL, TURKEY

Featuring GE technology, the 878-megawatt Eurostar project will help to power Istanbul, supporting Turkey’s efforts to modernize its aging energy infrastructure and meet its growing electricity requirements.

During the event, attended by Turkish energy ministry officials in Istanbul, GE and MetCap also announced approval from the Turkish government to nearly double the output of the world’s first Integrated Renewables Combined-Cycle (IRCC) plant. The initial phase of the Dervish IRCC plant in Karaman, Turkey, was announced in June and is based on GE’s breakthrough FlexEfficiency* 50 combined-cycle technology. The license extension allows energy output to be increased from 570 megawatts to 1,080 megawatts. The Dervish license extension also paves the way for a second plant using GE’s FlexEfficiency* technology and eSolar’s concentrated solar power technologies.

The MetCap and GE alliance sets a new global standard for the efficient integration of natural gas and renewable energy. The landmark Dervish project will enable the Turkish power grid to use more wind, solar and natural gas, helping to meet a growing demand for cleaner, affordable and reliable power generation.

“Projects such as Eurostar and Dervish will help to light up Istanbul and Turkey,” said Dr. Celal Metin, chairman of MetCap Energy Investments. “They are further evidence that the MetCap-GE alliance can create growth opportunities to deliver leading technology to Europe, North Africa, the Middle East and elsewhere in the world. Working together, we will set a new standard for the efficient integration of natural gas and renewable energy. We are focused on powering the future responsibly.”

“MetCap is one of Turkey’s leading energy developers and continues to work closely with GE to deploy the most innovative energy technologies, enabling power producers to operate in a cleaner, smarter and more efficient way to help meet today’s energy challenges,” said Paul Browning, president and CEO—thermal products for GE Energy.

Project Eurostar

When completed, the Eurostar power plant, consisting of two Frame 9FB Gas Turbines, one steam turbine and one heat recovery steam generator, will produce enough power to equal the energy use of 2.3 million Istanbul households. In addition to more than 58 percent thermal efficiency, the Eurostar project will feature zero-liquid discharge, lower emissions and a rapid-response, 35-minute start capability. The plant will be located in Kirklareli, near Istanbul. The engineering, procurement and construction (EPC) will be provided by the GE-Gama consortium. The power plant is scheduled to enter commercial operation in 2014. With this project, MetCap and GE Energy technologies will help meet Istanbul’s increasing demand for power.

“Turkey needs a diversified and sustainable energy resource portfolio due to the country’s growing economic needs and energy demands that cannot be met with a single fuel or technology,” said Ricardo Cordoba, regional president of GE Energy. “Without investment in new power plants, Turkey could face a serious energy shortage. Highly efficient natural gas fired combined-cycle power plants like Eurostar will be a critical part of the country’s electricity supply.”

Project Dervish IRCC

The initial phase of the IRCC project was announced at the POWER-GEN Europe conference in June. The project features GE’s FlexEfficiency* technology, which offers the operating flexibility to integrate natural gas, wind and solar power into a single energy complex.

The Dervish plant proposed expansion would enter commercial operation in 2016, and once fully expanded per the new larger license, would provide enough electricity for more than 1.2 million Turkish households.

GE’s FlexEfficiency* IRCC plant includes a next-generation 50-hertz 9FB Gas Turbine, a steam turbine, a generator, 22 megawatts of GE wind turbines and 50 megawatts of eSolar concentrated solar thermal tower technology, all seamlessly integrated by a GE Mark* Vle plant control system with a single button start. At MetCap site conditions, this technology is capable of reaching a record high 69 percent thermal efficiency. In addition to new global standards for efficiency, the Dervish power plant will have zero-liquid discharge, lower emissions and a rapid-response, 28-minute start capability.

“At MetCap Energy, we believe our projects must simultaneously meet the need for increased energy, environmental responsibility and economic growth, while preserving precious water resources,” said Metin. “GE’s FlexEfficiency technology was evaluated versus other state-of-the-art alternatives and was selected because it is best aligned with our vision for the future.”

eSolar Investment

eSolar is a California-based provider of next-generation concentrated solar thermal tower technology. Through an investment by GE and MetCap announced in June, GE Energy already has a licensing agreement with eSolar, which grants GE exclusive worldwide rights to eSolar’s modular technology for its Integrated Solar Combined Cycle (ISCC) power plant solution.

“Our investment in eSolar is another step in our journey to transform the energy industry,” said Metin. “We’ve accomplished all of this with very attractive financial returns for MetCap. We think this represents the future of power generation.”

“eSolar is proud to participate in the groundbreaking IRCC project, integrating our solar thermal tower technology with GE’s wind and FlexEfficiency gas-fired technologies,” said John Van Scoter, CEO and president of eSolar. “We look forward to other opportunities like the Dervish project.”

eSolar’s power plant technology uses small, flat, pre-fabricated mirrors called heliostats to track the sun and reflect its heat to a tower-mounted receiver. This generates steam used by the plant’s power block to create electricity. Thousands of heliostats are aligned and controlled using advanced software algorithms to precisely focus the sun’s energy. eSolar’s technology is architected to provide modular fields that maximize energy production, are scalable to meet a wide range of customers’ power generation needs, while also enabling rapid, lower-cost deployment.

About MetCap Energy Investments

MetCap Energy Investments is the energy arm of the Met Group of Companies focused on energy and agricultural investments, established in 1998, with headquarters in Istanbul, Turkey. Komet Energy and Verbena are both subsidiaries of MetCap Energy Investments. For more information, visit the company’s website at www.metcp.com.

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com.

GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work together with more than 100,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.

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