The European Investment Bank (EIB) is helping to finance the construction of a 135 megawatt wind farm by Rotor Elektrik Uretim AS in the Eastern Turkish region of Osmaniye. The project will help Turkey curb electricity supply shortages using renewable energy sources. The project is the largest windfarm under development in Turkey and will significantly increase the installed wind capacity in the country.
The EIB's EUR 30 million financing to the project is part of a joint financing facility implemented in co-operation with the IFC and the EBRD and the support of DenizBank and HSBC.
Turkey is the sixth largest electricity market in Europe, and one of the fastest growing globally, therefore this project helps to position the country as an emerging market destination for wind power investments.
EIB Vice-President Matthias Kollatz-Ahnen said: "The use of wind power resources will improve energy security and lower green house gas emissions for electricity generation. The project is therefore fully in line with the EU climate change policy and illustrates the EIB's continued support to Turkey. The financing is also a concrete example of the reinforced co-operation among the International Financial Institutions, particularly in the current financial crisis."
The provision of electricity and the development of Turkey's renewable energy potential contribute to the economic development of Turkey. The project will provide electricity to meet rapid demand growth in Turkey using economically viable and sustainable wind resources.
Note to the editor:
The European Investment Bank (EIB), founded in 1958 under the Treaty of Rome establishing the European Community, is the European Union's bank for financing investments that further European integration. The main objective of the EIB is to contribute towards the integration, balanced development and economic and social cohesion of the Member States.
The European Investment Bank has opened its regional representations in Ankara and Istanbul last year.
The EIB has been involved in lending operations in Turkey since the mid 1960s, where its mission is to support the country's economic development even in times of downturns and assist Turkey during its pre-accession phase to the EU. During more than 40 years' of experience in the country, the Bank has invested in all key sectors of the country's economy, both public and private sector.