On June 23, 2010 Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi, a direct, wholly owned subsidiary of the 100% owned Cogentrix subsidiary Eti Elektrik, closed an $80 million project financing in the Republic of Turkey. The lender to the financing was Yapi Kredi Bankasi, A.S.

Proceeds from the financing will be used to complete the construction of Yavuz and Midilli, two run-of-river hydroelectric generating projects, 23.4 MW and 33.4 MW respectively, each wholly owned by Masat, and granted licenses by the government of Turkey.

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On June 24, 2010 Masat Enerji Elektrik Uretim ve Ticaret Limited Sirketi, a direct, wholly owned subsidiary of the 100% owned Cogentrix subsidiary Eti Elektrik, placed in service the first of three units at the Yavuz hydroelectric generating plant. On July 15, 2010 the completed Yavuz station was accepted for commercial operation by the government of Turkey. Yavuz is a 23.4 MW run-of river plant on the Yesilirmak River in the province of Amasya in the Republic of Turkey.

The plant is operated by an affiliate of Habboush Group Operating Services, LLC, a wholly owned affiliate of Habboush Group, pursuant to an Operations and Maintenance Agreement with Masat.