Turkey developer secures US$500 million loan

Turkish developer Zorlu Enerji, which recently acquired seven hydropower projects, has signed a US$500 million loan agreement.

Standard Bank Plc reported the five-year syndicated loan deal with Zorlu on June 4. Standard said it leads the syndication in which many domestic and international banks are participating.

In March, Zorlu Enerji won a tender for privatization of nine power plants belonging to Ankara Dogal Elektrik Uretim, including seven hydroelectric projects totaling 111.395 MW. (HNN 3/10/08)

The Privatization Administration said Zorlu bid US$510 million for Ankara Dogal Elektrim’s diesel-fueled power plant and operating rights to seven hydro plants and one geothermal project. The chairman of parent company Zorlu Holding, Ahmet Nazif Zorlu, said the company would invest US$150 million in the facilities.

Zorlu Enerji, one of several firms seeking a slice of Turkey’s expanding energy sector, also wants to build a nuclear power plant in a country largely dependent on the imports of oil and gas.

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