$750 million in debt for Efeler 123.3 MW project in Turkey taking shape
Tuzla, Istanbul, Turkey (source: flickr/ A H T, creative commons)
Francisco Rojas
9 Dec 2014
The Efeler Geothermal project is underway and construction has started for the 123 MW geothermal power plant. Stakeholders have committed $220 million and a consortium of banks are being lined up for the reminder $750 million.
The Efeler Geothermal Project gains momentum and more funds are being collected for the $970 million, 123 MW project in Turkey. A specialised website informs that the sponsors for the project “have committed around $220 million in equity, and are chasing around $750 million in debt.”
Despite the large sum of money required, the construction on the geothermal plant has already started and should go online to the country’s national grid in June 2015. There is a consortium of banks being lined up to fund the remaining $750 million.
The same source states that “Turkey is currently experiencing a 10% growth in generation capacity each year, with only a 5.5% growth in demand. Around 5,000 to 7,000MW of new capacity comes online each year. Demand, however, will catch up, but this will take “many years,” Garanti Bank told IJGlobal in October.”
Source: IJGlobal
