Zorlu Energy wins financing award with geothermal power plant project
ISTANBULZorlu Energy has won the “Best Energy Infrastructure Financing” award from EMEA Finance, a leading finance magazine for Europe, the Middle East and Africa, for the financing of the Kızıldere III Geothermal Power Plant project.
In a June 14 press release, the company stated that the project, which will be the fourth geothermal power plant investment in Turkey, won the contest assessing the financing for the best sustainable energy projects.
Construction of the Kızıldere III Geothermal Energy Power Plant started in addition to the existing Kızıldere I and Kızıldere II investments, which are also conducted through Zorlu Doğal Elektrik Üretimi Inc., 100 percent affiliated to Zorlu Energy.
The project will have 95.2 megawatts (MW) of installed power in total upon completion, with an expected investment cost of $320 million.
“We play an active role in local, renewable and sustainable energy projects which are vital for the sustainable growth of the Turkish economy. While representing 22 percent of Turkey’s installed geothermal power, with total geothermal installed power reaching up to 140 MW, we realize our environmental and social sustainability vision besides our economic sustainability vision,” said Zorlu Energy General Manager Sinan Ak.
A loan of $815 million was provided in November 2015 for investment financing and refinancing of the existing debts as a result of the agreement signed between Akbank, Garanti Bank, İş Bank and the Industrial Development Bank of Turkey.
In the award ceremony held in London, Elif Yener, Financial Affairs Director of Zorlu Energy and Erdinç Yener, Structured Finance Manager of Zorlu Holding, accepted the award on behalf of Zorlu Energy, according to the press release.