Kourkoumelis & Partners News EBRD €135 million loan to build most powerful wind farm in Turkey
EBRD €135 million loan to build most powerful wind farm in Turkey
11/10/2012 11:42

EBRD is promoting renewable energy in Turkey with a €135 million loan to Enerjisa for the construction of a new wind farm in the country. Turkey is one of the fastest growing electricity market globally. Increasing electricity generation from renewable energy sources is one of the country’s priorities in order to meet the growing electricity demand and diversify away from expensive, imported fuel sources. Turkey is aiming to connect to the grid 10 GW of wind capacity alone by 2020. The proceeds of the EBRD loan will be used to build Enerjisa Bares WPP, an on-shore independent wind farm in Balikesir in western Turkey. Enerjisa Bares WPP will consist of 52 wind turbines and will have a generation capacity of 142.5 MW.

The EBRD financing is structured under the Bank’s A/B loan scheme, with €100 million on EBRD’s account and the rest for the account of commercial banks. This is the EBRD’s second wind farm in Turkey. In 2009 the Bank provided €45 million to finance the construction and development of a 135 MW on-shore independent wind farm, in Osmaniye, in southern Turkey. The EBRD has also provided €375 million through five Turkish banks for the financing of mid-sized reneweable energy projects, which includes the financing of a significant amount of wind farm investment.