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March 21, 2019

EBRD-financed Kocalar windfarm begins operations in Turkey

The first of four windfarms backed by the European Bank for Reconstruction and Development (EBRD) has commenced operations in Turkey.

The first of four windfarms backed by the European Bank for Reconstruction and Development (EBRD) has commenced operations in Turkey.

The Kocalar (26MW) windfarm became operational on 15 March, while Üçpinar (99MW) and Hasanoba (51MW) in the north-western province of Çanakkale, and Denizli (66MW) in south-western Turkey are expected to begin operations between June and October this year.

Kocalar will generate enough power to meet the electricity demand for 120,000 consumers annually.

“EBRD said that it has provided loans of nearly €2bn for projects worth €9bn and 2.9GW installed capacity in Turkey.”

The wind projects were built by the renewable energy arm of the Turkish company Akfen Holding. EBRD has offered financial assistance to the Akfen Renewables with a combination of debt and equity.

Akfen Renewables general manager Kayril Karabeyoglu said: “Canakkale is one of the highest wind potential areas in Turkey. The Kocalar wind plant will generate 60,000MWh of electricity per year and prevent 48,000 tonnes of CO₂ emissions.”

In 2015, EBRD became a shareholder in the renewable energy company, and in September 2018 the bank offered a financial package of $102m to the company to build four wind farms and nine solar facilities.

EBRD said that it has provided loans of nearly €2bn for projects worth €9bn and 2.9GW installed capacity in Turkey.

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