Aksa Enerji Uretim has begun construction work at the 270MW coal-fired power plant being built in Bolu, Turkey.

It received a loan of $240m from Turkiye Is Bankasi (ISATR) and Turkiye Garanti Bankasi AS (GARAN) to finance the project estimated to cost $319m.

The company will provide the remaining portion of the amount.

The first 135MW unit of the coal fired plant will be completed in October 2014 and the second 135MW unit in March 2015, respectively.

Aksa Enerji currently has a capacity of 2,500MW and plans to raise it to 4,500mW in five years, reports Bloomberg.