Mazi-3 Wind Energy Power Plant

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Bilgin Enerji [Turkey] implemented the 22.5MW Mazi-3 Wind Energy Power Plant, on the Cesme peninsular in Izmir province. The project was developed on a greenfield, merchant basis. The project received its generation license from the Energy Market Regulatory Authority (EMRA) on June 15th, 2006. Electricity generated by the wind farm was to be sold on the wholesale market and to individual customers. The facility comprises 9 x 2.5MW N90 Nordex wind turbines and an annual power generation of 79,000,000 kWh was expected. The project was financed through commercial bank loans and the sponsor’s own resources. In June 2008, it was reported that Bilgin Enerji had signed a contract with equipment supplier Nordex for delivery by July 2009 of nine N90, 2.5-MW turbines. There was no publicly available information on when the project reached financial closure or on the total project cost. In the absence of this information, the date at which the equipment supply contract was signed (June 2008) has been recorded as a proxy for the financial closure date. The plant entered commercial operation in September 2009. Total investment was ESTIMATED at 22.5 MW x 1.8 million per mw (average for ECA), is $40.5 million.