Kiyikoy wind farm : Turkish wind expansion project secures EBRD loan

Alenka Enerji Uretim ve Yatirim has secured a $37m loan from the European Bank for Reconstruction and Development (EBRD) to support the $101 million expansion of the Kiyikoy wind farm in Turkey from 28MW to 100MW.

The proceeds from the loan will be spent toward the development, construction, and operation of a 72MW extension to the Turkish wind project in the Vize District in Kirklareli province. Extension of the Kiyikoy wind project will help in offsetting 99,700 tonnes of annual CO2 emissions.

Built along the west coast of the Black Sea in northwest Turkey, the Kiyikoy wind farm has been sanctioned a loan of the same amount from ICBC Turkey. The funds from ICBC Turkey will be used for refinancing a leasing facility that was given by a local leasing firm for the original 28MW Kiyikoy wind project.

The Turkish wind farm, which has been operating since 2014, comprises 14 turbines of 2MW each.

The expansion of the Kiyikoy wind farm will support the Turkish government’s goal to install 27GW of renewable energy capacity other than hydropower by the year 2023. Out of this, 20GW is expected to come from wind energy.

The Kiyikoy wind farm in Turkey. Photo courtesy of European Bank for Reconstruction and Development.

Aida Sitdikova – director of EBRD Energy Eurasia, commenting on the Kiyikoy wind farm expansion project, said: “Renewables in Turkey represent not only a viable, but also a financially attractive investment opportunity.

“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.”

Alenka Enerji Uretim ve Yatirim is a special purpose vehicle created by Borusan EnBW Enerji Yatirim ve Uretim (Borusan EnBW Enerji), a joint venture between the German electric utility Energie Baden-Wurttemberg and Turkish conglomerate Borusan.

Borusan EnBW Enerji has a 505MW renewable energy portfolio made up of eight wind farms, a couple of solar power plants, and a hydropower plant.