Akuo mandates IFC to provide up to USD 100 million loans to finance 77.5 MW wind farm in Turkey

Akuo Energy has singned a mandate letter with International Finance Corporation (IFC) to finance the erection of the 77.5 MW Baglar RES wind farm near Konya, Turkey.

The mandate letter provides for IFC to lead and arrange a syndicate of other multilateral agencies or commercial banks to provide up to US$100 million project finance debt.

The Baglar RES wind farm will be composed of 24 wind turbines of the type 3.2-103m at 85m HH, provided by the American manufacturer General Electric International Inc., and offers a capacity of 77.5 MW. In addition to the manufacture and supply coming from Turkey and Germany, GE will also maintain the turbines over the next 15 years.

Construction of the project will start in July 2015 and commissioning is expected in January 2017.

Eric Scotto, co-founder and President of Akuo Energy, states:

"I would like to address my warmest thanks to IFC, their great professionalism, their deep understanding of the Turkish market, and their intent to pool together several banks to co-fund this beautiful project that is Ba?lar RES. Turkey is a buoyant market for renewable energy. Given the country’s GDP and its rapidly expanding population, energy consumption could double by 2023. Renewable energies will play a key role as they will contribute to reducing the Turkish market energy dependency as well as enhancing the environmental footprint of the country. As of today and on top of Ba?lar, Akuo Energy has a backlog of 225 MW of wind projects in Turkey with a mid-term target of 350 MW installed capacity. Turkey lies at the heart of our internationalisation strategy.”

The project will generate enough electricity to provide some 80,600 households with green energy while avoiding the emission of 95,914 tons of carbon per year.