German lenders back Turkish wind farm

German lenders back Turkish wind farm

Published: July 16, 2012

Project secures US$164.5mn for 120MW facility.

A US$227mn windfarm project in Turkey has secured funding from two German banks.

KfW IPEX-Bank, a division of the German development bank, and Landesbank Baden-Württemberg (LBBW) are lending US$164.5mn towards construction of the Karaburun wind farm near the Turkish city of Izmir.

The project is being managed by Turkey’s Alto Holding and will have a capacity of 120 megawatts, powered by 50 wind turbines built by German producer Enercon.

The loans are covered by Euler Hermes, its first involvement in a project financing for a wind farm in Turkey.