The European Bank for Reconstruction and Development is funding a project to expand the Kiyikoy wind farm in the northwest of Turkey, it has announced.
The EBRD has signed an agreement with developer Borusan EnBW Enerji for a $37 million loan for the development, construction and operation of a 72 MW extension to the 28 MW wind farm located on the west coast of the Black Sea in the Kirklareli province.
The extension of the Kiyikoy wind farm is a step towards the government’s objective of installing 27 GW of renewable energy capacity other than hydropower by 2023, of which 20 GW is expected to be wind energy.
ICBC Turkey will provide a loan for the same amount, EBRD said. The funds will refinance a leasing facility provided by a local leasing firm for the original wind farm.
EBRD has so far financed, both directly and through local banks, 3 GW of installed capacity, or seven per cent of the total installed renewable energy capacity in Turkey.
Aida Sitdikova, EBRD Director, Energy Eurasia, 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.”