Handan Kazanci
24 October 2024•Update: 24 October 2024
ISTANBUL
Turkish conglomerate Sabanci Holding's power generation business Enerjisa Uretim signed a loan agreement worth over $1 billion to finance 750 megawatts (MW) of wind energy projects, the company announced on Thursday.
The loan will be used to finance ongoing wind power plant projects, including Armutcuk, Akkoy, Ihlamur, Ovacik, Hacihidirlar, Dampinar, Harmancik, Kestanederesi, and Uygar, located in Türkiye's western provinces of Canakkale, Aydin and Balikesir, Sabanci Holding said in a statement posted on Türkiye's Public Disclosure Platform (KAP).
According to the statement, the loan is provided by a consortium of local and international financial institutions, including the US International Development Finance Corporation, JP Morgan, HSBC, KfW IPEX-Bank, Deutsche Investitions- und Entwicklungsgesellschaft, Akbank, and Proparco.
Enerjisa Uretim will repay the loan by the end of 2034 with semi-annual payments, following a 1.5-year grace period.
The company plans to install 1,000 MW of wind energy plants under the YEKA-2 (Renewable Energy Resource Zone) projects, in the first quarter of 2026. Financing efforts are ongoing for the remaining 250 MW of YEKA-2 projects.
Enerjisa Uretim aims to reach an installed capacity of approximately 5,000 megawatts and a 60% renewable energy share by 2026.
The announcement follows Turkish Energy and Natural Resources Minister Alparslan Bayraktar's recent statement that Türkiye aims to increase its installed wind and solar capacity to 120,000 megawatts by 2035, requiring nearly $80 billion investment.
Bayraktar also said that Türkiye aims to shorten the permit processes for renewable energy projects by a few years from the current 48-month period.
