Electricity

OEDAS inks finance deals worth USD 330 million to upgrade distribution network

Photo: Zorlu Energy Group

Published

June 4, 2018

Country

Comments

0

Share

Published:

June 4, 2018

Country:

Comments:

0

Share

Turkey’s electricity distribution company Osmangazi Elektrik Dagitim (OEDAS), a subsidiary of Zorlu Energy Group, has signed project finance agreements with three international finance institutions (IFI) for Turkish lira-denominated lending worth USD 330 million to finance electricity distribution investments.

The lending from the European Bank for Reconstruction and Development (EBRD), IFC, a member of the World Bank Group, and Dutch development bank FMO will finance the upgrade, modernization, and expansion of the distribution network operated by OEDAS, the electricity distribution company of Turkey’s Osmangazi region.

The network serves around 2.7 million people in 194 towns and 1,596 villages, the EBRD said in a news release announcing the lending.

Improvements are expected to reduce electricity losses and enable the connection of increased solar capacity, as a result saving at least 40,000 tonnes of CO2 emissions per year. The investment will also enhance environmental and safety standards and improve the efficiency and reliability of electricity supply.

These investments are part of a capital expenditure program required by Turkey’s Energy Market Regulatory Authority for the five-year regulatory period between 2016 and 2020.

The EBRD is providing USD 110 million, IFC is extending a loan worth USD 80 million, and FMO is contributing USD 65 million, according to the news release.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Gas interconnector Greece Bulgaria commercial operation October 1

Gas interconnector Greece-Bulgaria to start commercial operation on October 1

29 September 2022 - Greece and Bulgaria issued operating permits for the interconnector between the two countries' gas networks

Solar power inaugurated Zlatolicje hydropower Slovenia

Solar power plant inaugurated at Zlatoličje hydropower plant in Slovenia

29 September 2022 - The first part of the 30 MW Zlatoličje-Formin solar power plant in Slovenia has entered regular operation

Suzlon Energy BH starts construction of the Ivan Sedlo wind park

Suzlon kicks off construction of wind farm in Sarajevo Canton

28 September 2022 - BiH has so far built two wind power plants, Mesihovina and Jelovača, and projects with a total capacity of 2.2 GW are in the pipeline

Romania Nuclearelectrica joint venture small modular nuclear reactors

Romania’s Nuclearelectrica launches joint venture for small modular nuclear reactors

28 September 2022 - Nuclearelectrica and Nova Power and Gas launched RoPower Nuclear, a project firm for the development of small modular reactors in Romania