Enerjisa Bares Wind Farm

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Enerjisa Enerji Uretim AS (Enerjisa) was planning the development of the 142.5MW Bares Wind Farm, in the Balikesir province, Western Turkey. Enerjisa was a joint-venture between Haci Omer Sabanci Holding AS (Sabanci) and Verbund International GmbH (Verbund), each holding 50%. Enerjisa acquired the project through acquiring Italgen Elektrik Uretim AS (Italgen), which held equity in the project company: Bares Elektrik Uretimi AS (Bares). The project does not hold a PPA. The project reached financial closure in April 2012 under an A/B loan scheme with a direct loan from EBRD of EUR100 million (US$131 million) and a syndicated loan of EUR35 million (US$46 million), syndicated to BAWAG commercial bank. Tenor for both loans is 12 years. Debt/equity ratio is 60/40, because Enerjisa shareholders require overall leverage at max 60/40, and because the project holds no PPA. Total project cost US$ 299 million. In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission. The plant was put into operation in May 2013. http://www.ebrd.com/english/pages/project/psd/2011/42978.shtml http://www.ebrd.com/pages/news/press/2012/120427.shtml http://www.pfie.com/story.aspx?storycode=21014700