The European Investment Bank (EIB) is to lend 135 million euros (US$213 million) to Turkish hydropower developer EnerjiSA Enerji Uretim A.S. to support construction of eight hydroelectric projects in southeastern Turkey.
The eight projects, totaling 955 MW, include run-of-river and reservoir projects on the Seyhan and Ceyhan rivers. Most of the projects are expected to become operational in 2011 with the remainder on line in 2012.
EnerjiSA, a joint venture of Turkish conglomerate Sabanci Holding and Austrian utility Verbund, previously signed an 865 million euro (US$1.3 billion) credit agreement provided by the World Bank’s International Finance Corp. (IFC), Turkish commercial bank Akbank, and European commercial bank WestLB headquartered in Germany. (HNN 6/17/08) The broader funding is for a total of ten hydroelectric plants planned across the country as well as a gas-fired power plant in northwestern Turkey.
EIB said its funding, announced July 15, is only for the renewable energy portion of the portfolio.
ï¿½We are pleased to be supporting the largest ever private sector investment in new power generating capacity in Turkey,ï¿½ EIB Vice President Matthias Kollatz-Ahnen said. ï¿½Turkey’s status as an EU accession country makes it eligible for funding under the EIB’s pre-accession facility and this project will help the country meet its future energy needs in a climate-friendly way.ï¿½
EnerjiSA, which plans to control 10 percent of the Turkish energy market by 2015, has generating capacity of 455 MW, plus the planned projects.
IFC previously said the program includes the Bandirma natural gas-fired power plant and ten hydropower plants totaling approximately 1,900 MW. It said hydro plants include 45-MW Cambasi in the Solakli River Basin; 29-MW Kusakli, 180-MW Kavsakbendi, 78-MW Yamanli 2, 145-MW Kopru, and 85-MW Menge in the Seyhan River Basin; and 8-MW Dagdelen, 213.9-MW Kandil, 103.2-MW Sariguzel, and 142-MW Hacininoglu in the Ceyhan River Basin.