47 million dollar renewable energy loan from TSKB to Unit

15 October 2009
- 3 min Read

Industrial Development Bank of Turkey (TSKB), a pioneer in financing renewable energy and environment projects, provided 47 million USD credit for the 49.8 MW Hydroelectric Power Plant which will be built in Erzincan by Unit, a company that has been in the energy industry in Turkey, Eastern and Southeastern Europe for a long time. Signing ceremony of the credit was held in Les Ottomans Hotel, Thursday, 15th of October.

Bağıştaş II Hydroelectric Power Plant, which will be built in İliç, Erzincan and financed by TSKB, the “environment-friendly bank of Turkey”, will have an established power of 49,8 MW. The power plant, estimated to cost around 72 million USD, will produce 180 million kWh of energy per year, after starting to operate in the last quarter of 2011.

Number of projects financed by TSKB, which the highest number of renewable energy projects in Turkey, reaches 80 with this project. These projects consist of 72 hydroelectric power plants, 4 wind farms, 2 geothermal power plants and 2 methane gas power plants.

Halil Eroğlu, General Manager of TKSB, stated that they have offered special loans to finance sustainable and environment friendly investments and said; “We have improved our energy portfolio significantly in the last 5 years. We have become the bank that has financed the largest number of projects related to environment and renewable energy loans. Renewable energy and energy efficiency, which make up 23% of our credit portfolio, will continue to be our focus in the next two years.” during his speech in the signing ceremony. Emphasizing that they have provided finance for 80 renewable energy projects since the mid 2000s, Eroğlu added that the total established power of these projects are over 2 thousand megawatts.

Cem Şirin, the Chairman of the Board of Directors of Akdenizli Elektrik Üretim A.Ş., the owner of Bağıştaş II project, and a Member of the Board of Directors of Unit Investment N.V. stated;

“Being in the energy industry in Turkey and Eastern and Southeastern Europe for a long time, our group continues its investigations despite the financial crisis. New power plant investment projects under construction constitute 1.500 MW of our 2.000 MW project portfolio. The power plants under construction are estimated to start operation in 2012-2013. We have determined our growth strategy to concentrate on electricity production investments based on renewable energy resources, natural gas and coal powered power plants.”

Having told that “Bağıştaş II” project is an important step towards renewable energy investments, Şirin emphasized that they will continue investments for renewable hydroelectric power plants, geothermal and wind powered investments and solid waste powered electricity production.

Having stated that Bağıştay II project, started thanks to TSKB, whose expertise in energy financing is recognized throughout the industry, and the other projects in the portfolio of Unit Group continue in harmony, Şirin stated that he wishes this special co-operation to continue.