Cataltepe and Kuyucak Wind Farms

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Alize Enerji Elektrik Uretim AS was created to build and operate Cataltepe and Kuyucak Wind Farms in Turkey. Cataltepe Wind Farm was a 16WM consisting of 8 wind turbines onshore in Cataltepe village the province of Balikesir and Kuyucak Wind Farm was 25.6 MW consisting of 14 wind turbines in Kuyucak, Manisa province. Both projects, with a total capacity of 41.6 MW, aimed at selling electricity to the national grid. All of the turbines were provided by German firm, Enercon. Alize Enerji Elektrik Uretim AS was owned by Demirer Holding (76%) and Bores Bozcaada Rüzgar Enerjisi Santral (23%) which is a subisidiary of Demirer Holding. The project cost was estimated to be €53.263m (US$74.577m). The project reached financial closure in January 2010. Financing comprised €46 debt and €7.263m equity. The debt was split between a €45m 12-year term loan and a €1m 12-year revolving credit facility. The loan agreement was signed with Garanti Bank as the sole lender. Construction works for the two projects began in Dec 2009 and the plants were expected to be operational in Jun 2010.