Balabanli Onshore Wind Farm

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Borusan EnBW Enerji, a joint venture consisting of German energy supplier EnBW and Borusan Holding from Turkey, built a 50 MW onshore wind power plant near the city of Tekirdag in Turkey. Germany’s Siemens supplied a total of 22 wind turbines. Each of the wind turbines had a capacity of 2.3 megawatts (MW) and a rotor diameter of 108 meters. The installed capacity of 50 MW was sufficient to supply about 43.000 households with clean electricity. The project reached financial closure in February 2014. The Danish export credit agency, EKF, teamed up with Unicredit on a buyer credit facility in the amount of DKK 442 million to fund the export of Siemens wind turbines. The non-recourse project finance deal with ELO structure included USD 65.1 m ECA covered loan, USD 8 m commercial project finance loan, USD 5 m non-cash loan. The loan had a tenor of 13 years and 10 months. The wind farm became operational in September 2014. “The guarantee covered 95% of the senior debt equivalent to USD 68 million under EKF’s a buyer credit product and also included an export loan of USD 100million. EKF is the only public actor involved in the transaction by offering UniCredit Bank a guarantee in the form of a buyer credit. The EKF share is, therefore, 95% of senior debt equivalent to USD 68 million.”