EBRD, AIIB and BSTDB co-finance geothermal plant in Turkey
The EBRD, Asian Infrastructure Investment Bank (AIIB) and Black Sea Trade & Development Bank (BSTDB) will co-finance a $350 million debt package to add close to 100MW in capacity to EFELER, Turkey’s largest geothermal power plant.
The project, located in western Turkey, in the region of the Buyuk Menderes Graben basin, comprises three new units EFE-6 with 22.6 MW capacity and EFE-7 with 25 MW are already operational. EFE-8 with a capacity of 50 MW is still under construction. The scheme is scheduled for operation in 2020, with the plant’s eight units totalling installed capacity of 260MW.
Under the financing package, Gürmat Elektrik will receive US$ 100 million loan from the AIIB, a US$ 60 million loan from the EBRD and US$ 20 million loan from the BSTDB.
In parallel, Turkey’s largest commercial lender Isbank is providing $90 million loan, and the Industrial Development Bank of Turkey TSKB and ICBC Turkey are making loans of $50 million and $30 million, respectively.
