Dutch FMO bank and Germany’s development finance institution DEG are providing Enerjisa Üretim with a USD 180 million financing package for wind farms. The three facilities in Muğla in southwestern Turkey, under construction, are part of the YEKA state support scheme. They are envisaged at 250 MW in total.
In 2019, at Turkey’s second wind power auction under the Renewable Energy Zones (REZ or YEKA) state support mechanism, Enerjisa Üretim and Enercon won state support for 500 MW each. There were split into four provinces in the western part of Asia Minor. The Turkish independent power producer and German wind turbine maker both won two provinces.
However, they agreed in 2022 to join forces in the development of the entire YEKA 2 portfolio. It is entering the last phase, as Enerjisa Üretim obtained USD 180 million in financing. The proceeds are for three projects of 250 MW in combined capacity in Muğla province.
All three are already under construction: Gaia (83 MW), Falp (75 MW) and Artuna (92 MW). They are scheduled to come online this year. Enercon, headquartered in Aurich, is the turbine supplier.
Enerjisa Üretim is a joint venture between German E.ON and Turkey-based Sabanci.
FMO intends to mobilize up to USD 25 million more
FMO – the Dutch Entrepreneurial Development Bank hosted a signing ceremony in The Hague for the deal. It is providing USD 100 million. The rest of financing is from DEG, a subsidiary of Germany’s KfW Group for private sector investment, while the KfW Development Bank is for the public sector.
Once completed, the Muğla projects will generate approximately 630 GWh per year altogether. It is equivalent to the annual electricity consumption of approximately 190,000 households, so it would help prevent 221,000 tons of carbon emissions each year, the update notes.
The financing package helps bridge a financing gap
FMO said it was the lead arranger of the long-term, hard currency funding, with an eight-year tenor, pointing out that it remains scarce in the local market.
It also helps bridge a financing gap for the projects and mobilizes additional funding through partnerships, the Dutch institution stressed. FMO said it expects to mobilize up to USD 25 million more from institutional investors.
Enerjisa Üretim has 36 power plants
Enerjisa Üretim, founded three decades ago, focuses on wind power projects and hydropower plants. It is the largest privately owned electricity producer in Turkey, with an overall capacity of 4.6 GW.
With the recent commissioning of its Ihlamur wind park of 75 MW, the company’s capacity in Çanakkale reached 280 MW. The milestone marked the completion of the YEKA 2 projects in the province, following Balıkesir and Aydın. The facility consists of 18 turbines.
Ihlamur is Enerjisa Üretim’s 36th power plant. The addition drove the company’s wind power capacity above 1.2 GW.
Earlier, the Dampınar wind power plant from the same portfolio came online in Aydın province. It has 11 turbines with 46 MW in total.
In other relevant developments in the sector, Metgün Enerji commissioned its Elmacık wind farm a month ago. The site is in Kırklareli, a province near the border with Greece. Total nominal capacity is 70.8 MW, translating to an effective 70 MW. The facility has 12 turbines.
