Turkey’s Akfen set to build 13 wind and solar power plants worth $530 million

ISTANBUL

Turkey’s Akfen Renewable Energy is to build 13 wind and solar power plants with a total investment of $530 million, Akfen said on Sept. 19.

In a written statement, it said it would provide $167 million of the investment from its own resources with the remaining $363 million provided by a loan from six Turkish and foreign banks: European Bank for Reconstruction and Development (EBRD), İşbank, Vakıfbank, Garanti Bank, Yapı Kredi Bank and KfW IPEX-Bank.

The loan with an average maturity date of 15 years is to cost approximately 7 or 8 percent to the company in interest rate terms, Akfen Renewable Energy CEO Kayrıl Karabeyoğlu said at the press meeting in Istanbul, as reported by Reuters.

“With the projects that we will realize, we are taking firm steps towards our aim to reach a total installed capacity of 1,000 MW in clean energy generation by 2020. We will continue to make new investments and potential acquisitions, especially in the wind power sector, in the upcoming period,” Akfen chair Hamdi Akın said.

“Then we will hold an initial public offering,” he added.

Akın also noted that the government should immediately announce the purchase guarantees in renewable energy if any so the sector can make new investments.