Fina Sadilli & Salman & Karadere Wind Farms

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Fina Enerji was planning the development of 4 new wind farms: 14.4MW Kizilcaterzi Wind Farm: consisting of 9x 1.6-100 turbines 16MW Karadere Wind Farm: consisting of 10x 1.6-100 turbines 38.5MW Sadilli Wind Farm: consisting of 14x 2.75-100 turbines 27.5MW Salman Wind Farm: consisting of 10x 2.75-100 turbines The equipment was expected to be supplied by GE (NYSE:GE) following an agreement from November 2012. The Sadilli wind farm reached closure in August 2013. The capacity was adjusted to 33MW. Total project cost was $58.33 million. Financing was provided by Garanti Bank and ING and composed of a EUR8 million term loan and a EUR28 million term loan.Debt to equity ratio was 82/18 The Salman wind farm closed in October 2013 at a total project cost of $35.8 million for 20MW. Financing was provided by Garanti Bank and ING in the amount of EUR17.5 million, split in a EUR5.5 million term loan and a EUR12 million term loan. Debt/equity ratio was 67/33 The 15MW Karadere wind farm reached closure in October 2013 at a total cost of $33.1 million. The loan costied of a EUR7 million and a EUR12 million term loan from Garanti Bank and ING. The debt/equity ratio was 79/21. Energy Weekly News, Farming: GE and Fina Enerji Fuel Wind Energy Growth in Western Turkey, 23 November 2012