The 28MW Kiyikoy wind farm in Turkey will be expanded to 100MW having secured a loan from the European Bank of Reconstruction and Development (EBRD).
The $37m loan will support construction of the 72MW addition of Kiyikoy, on the Black Sea’s west coast in the Kirklareli province.
In parallel, ICBC Turkey is providing a loan for the same amount. The funds will also refinance a leasing facility provided by a local leasing outfit for the original wind farm.
A development company set up by Borusan EnBW Enerji, a joint venture between the German utility EnBW and Turkish conglomerate Borusan Holding, will construct the 72MW project.
The joint venture manages a portfolio of renewable energy projects with a total generation capacity of 505MW, including eight wind farms, two solar power plants and a hydropower plant.
The extension of the Kiyikoy wind farm is a step towards the government’s objective of installing 27GW of renewable energy capacity other than hydropower by 2023, of which 20GW is expected to be wind energy.
EBRD Eurasia energy director Aida Sitdikova said: “Renewables in Turkey represent not only a viable, but also a financially attractive investment opportunity. We are proud to have been a frontrunner in the sector – both as an investor and as a partner of the authorities in policy reform.
“To date we have financed a significant share of Turkey’s total installed renewable energy generation capacity and are delighted that in Borusan EnBW Enerji we have found a like-minded partner who shares our ambitions.”