T-Power signed yesterday a tolling agreement with Essent Trading for the entire 420 MW capacity from its proposed CCGT plant at Tessenderlo, Belgium. The tolling agreement will run over a period of 15 years with an optional 5-year extension thereafter. T-Power N.V. is a joint venture project company owned equally by Swiss developer Advanced Power AG, Siemens Project Ventures GmbH and Tessenderlo Chemie N.V.

igning the tolling agreement provides the T-Power project with a strong foundation for its non-recourse debt financing process, for which T-Power released its Preliminary Information Memorandum to selected potential lenders on 6 August 2008.

The gas-fired power plant will use state-of-the-art environmentally friendly combined cycle gas turbine technology from Siemens Power Generation AG. Upon its expected start of commercial operations in 2011, T-Power will be one of the most energy efficient power stations in Europe.

Paymon Aliabadi, CEO of Essent Trading said: “This transaction provides Essent with an important strategic position in the Belgium power market. The T-Power tolling contract further extends our commitment to develop our competitive and flexible generation portfolio in support of our market activities in Belgium. The opportunity to be on site at Tessenderlo Chemie also provides us with the platform for a longterm cooperation in the Belgian market. T-Power will allow Essent to continue to build on its successful track record of providing customer choice and competitive product offerings to our Belgium customers and industrial clients.”

From left to right, Paymon Aliabadi, CEO, Essent Trading; Dr Martin Giesen, CEO, Advanced Power AG; Mr Hans-Joachim Schulz, Managing Director, Siemens Project Ventures GmbH; Mr Christian Vermeiren, Director Business Development (Chemicals), Tessenderlo Chemie NV.