Garet Wind Farms

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Garet wind farm project entailed the development of two wind power plants with a total capacity of 32.5 MW. The project consists of the developments of a 22.5 MW wind farm in Sares, and a 10 MW wind farm in Karadag, both in Turkey, at an estimated cost of US$99 million. The sponsor of the project was the Turkish power developer, Gama Holding [Turkey]. GE[USA] provided with 13 2.5MW wind turbines. The construction of the project was expected to be completed in early 2011. The project reached financial closure in April 2010, as the loan agreement was signed with Turkiye Sinai Klkinma Bankasi AS (TSKB), a sole lender. Financing was composed of US$86.9 million debt and US$12.1 million equity. The debt was divided into US$53.4 million 11 year Sares term loan, a US$25.1 million Karadag 11 year term loan, a US$3.9 million revolver and a US$4.5 million Hermes-backed loan.