German banks provide loan for 120MW Turkish wind farm

15 July 2012 (Last Updated July 15th, 2012 18:30)

German banks Landesbank Baden-Württemberg (LBBW) and KfW IPEX-Bank will provide a $164.5m loan to finance the construction of the 120MW Karaburun wind farm in Turkey.

German banks Landesbank Baden-Württemberg (LBBW) and KfW IPEX-Bank will provide a $164.5m loan to finance the construction of the 120MW Karaburun wind farm in Turkey.

The wind farm, which is expected to cost $227m to construct, is being developed by Turkish group Alto Holding, and will be located near the city of Izmir.

German producer Enercon will supply turbines for the project, as well as maintenance services over a period of 14 years, following commissioning works.

The loan, initiated by LBBW and granted by LBBW and KfW IPEX-Bank in equal shares, is covered by an export credit guarantee of the Federal Republic.

The wind project is expected to supply green electricity to about 100,000 households from 2013.