Catalca Wind Farm

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The project involved the construction of a 60 MW wind farm in Catalca near Istanbul by Sanko Holding. The total cost of the project was estimated at US$100 million. On Jan 14, 2008, the project company obtained loans for a total of US$81 million which allowed the wind farm project to reach financial close. The deal was broken down into two tranches, a US$70 million export credit tranche with a maturity of Jan 14, 2021 and a US$11 million term loan with a maturity of Jan 14, 2016. Dexia and Denizbank were both involved in the deal. The wind farm became operation in the second quarter of 2008. It took two years to develop the project from feasibility study to commercial operations. Turkey was committed to continuing investment in new wind power plants to meet its goal for generating at least 2% of its electricity from wind power. Until 2008, the Turkey's Energy Market Regulatory Agency, known as EPDK, reportedly awarded new licenses for about 58 BOT wind power plants with a total capacity of 2126 MW encouraging their construction by private power developers. Under the Turkish Law and regulation, private investment in wind power is encouraged by providing 10 years buying guarantee by State utility at a fix price of 0.055 Euro per kwh and facilitating the land acquisition required by the project. .