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

NIS will produce green and blue hydrogen at refinery in Banat region

NIS to produce green, blue hydrogen near its refinery in northeast Serbia

23 March 2023 - NIS has extended the public call for the design and technical documentation development for a hydrogen production plant

Balkans-lag-2022-global-renewables-growth-solar-power-picks-up-pace

Balkans mostly lag behind 2022 global renewables growth but solar power picks up pace

22 March 2023 - The world added a record 295 GW of renewable electricity capacity last year, increasing the stock by 9.6%, IRENA said

Fintel selects Windey preferred supplier giant wind park Serbia

Fintel selects Windey as preferred supplier for giant wind park in Serbia

21 March 2023 - Italy-based Fintel intends to purchase wind turbines from Zhejiang Windey for its 854 MW Maestrale Ring project in north Serbia

Cyprus power grid can t handle more renewables without upgrades storage

Cyprus power grid can’t handle more renewables without upgrades, storage

21 March 2023 - Without improvements, grid operator TSOC will be disconnecting renewable electricity units more often as the share of green energy grows