January 30 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday that it is providing a $37 million (33.59 million euro) loan to Turkish wind farm Kiyikoy, developed by Alenka Enerji Uretim ve Yatirim, to fund its expansion in the northwest of Turkey.
The fresh cash is intended to help the company develop, construct and operate a 72 MW extension to the wind farm located on the west coast of the Black Sea in the Kirklareli province, the EBRD said in a statement. The planned extension will more than triple the current 28 MW capacity of the wind park.
At the same time, ICBC Turkey is providing a loan worth a further $37 million that will be used to refinance a leasing facility for the original wind farm.
Alenka Enerji Uretim ve Yatirim was set up by Borusan EnBW Enerji, a joint venture between the German utility Energie Baden-Wurttemberg andTurkish conglomerate Borusan Holding. Borusan EnBW Enerji manages a portfolio of wind farms, solar power plants and a hydropower plant with a total generation capacity of 505 MW.
EBRD has so far financed 3 GW of installed capacity, or 7% of the total installed renewable energy capacity in Turkey. The bank's investments in Turkey from 2009 to date amount to 12 billion euro ($13.21 billion), half of which stimulate the sustainable use of energy and resources, according to the statement.
($ = 0.908054 euro)