Lodos Karaburun Wind Farm

active

Prospective

Lodos Elektrik was planning the development of the 120 MW Karaburun wind farm, near Yalakoy and Tepeboz villages, Karaburun, Izmir province. The project was to comprise 50 turbines of 2 MW (30x) and 3 MW (20x), producing 324.5 GWh annually. It was also to include a 33/380 kV substation, connecting the project to the grid via a network of underground 33 kV cables, also to be installed at the site. As of October 2009, the project was designed as comprising 60 turbines of 2 MW, but this was reduced to the 50 turbines reported above. Lodos Elektrik was a subsidiary of Alto Holding (Turkey). Lodos Enerji Ðn aat Elektronik Turizm Ðthalat Ðhracat San.Tic.ltd. Company was founded in 1999, renamed to Lodos Enerji Üretim A.S. in May 2004 and joined the Alto Holding in July 2004. Commissioning was expected for 2012, supplying its output to the national grid. The land needed for the project was owned by the Treasury and General Directorate of Forestry. As of November 2011, it was reported that parts of the land were already rented and planted with olive trees. a Power Production License was acquired from EPDK in May 2008, and the Provincial Environment and Forestry Directorate decided in August 2005 that no EIA was required. Public meetings were planned between September 2008 and November 2009. Lodos had also developed the 24 MW Kemerburgaz wind farm, completed in August 2008. The equipment supply contract was eventually awarded to Enercon GmbH, for their E82 turbines (50x). In July 2012, the project reached financial closure with Landesbank Baden-Wurttemberg Capital Markets, and KfW IPEX Bank GmbH. Total project cost was estimated at US$227 million and the project was to receive a US$164.5 million loan with a 14 year maturity, US$82.25 million from each lender. Germany was also to provide a debt guarantee to the lenders for a period of 14 years, via Hermes. The project had an expected IRR of 14.1 after 20 years without CDM credits, and 15% with 7 years of CDM credits was included - 15.4% with 14 years of CDM credits. Financial advisor to the sponsor was Daruma Corporate Finance. GlobalData Financial Deals Tracker, Alto Holding Announces Project Financing of $164 million for Karaburun Wind Farm in Turkey, 16 July 2012.

Energy

World Bank Group

Project

Advanced Electronics, Wind, Raw Materials, Telecommunications, Power Generation (CCGT), Government, Commercial