Turkey’s Galata Wind has signed a loan agreement with the European Bank for Reconstruction and Development for two onshore wind projects.
The US$45m loan, which has a seven-year tenor, will be used to finance the up to 50MW of extension projects at the Mersin wind power project and the Sah wind power project.
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In addition, the loan will provide the bulk of the project’s estimated cost, around US$54m.
The project will help displace about 51,000 tonnes of CO2 emission per year from the Turkish power system by producing 144GWh of renewable electricity.
Galata Wind Enerji is a renewable energy company with a total installed capacity of 269MW, of which 235MW is wind and 34MW is solar.