April 04, 2008
Commerzbank Finances Another Wind Energy Farm in Turkey
• Turkish Energy Minister inaugurates “Sebenova” wind farm
• Commerzbank is market leader in the financing of wind power projects in Turkey
As part of its business focus on renewable energy sources, Commerzbank is financing the new Sebenova Wind Farm in Turkey. This wind power installation is designed for a total electrical generating capacity of 30 megawatts. Having funded the previously commissioned Karakurt Wind Farm as well as two other wind power plants still under construction, Commerzbank has become the leading financier of renewable energy projects in the growing Turkish market. Overall, Commerzbank is now financing 167 megawatts of wind-generated electric power in Turkey, with lending totaling some EUR 190 million. Turkish wind farms will thus generate enough electric power to meet the demand of over 200,000 households.
Sebenova Wind Farm was inaugurated last Saturday by the Turkish Energy Minister Dr. Mehmet Hilmi Güler. The project investor is the Turkish Kazanci Group, while the facility was erected by the Danish turbine builder Vestas. Financing is secured by backing from the Danish national export credit insurance provider EKF.
“I am very pleased that, with Sebenova Wind Farm, we have achieved yet another major advancement for expanding utilization of renewable energy sources in Turkey. We are backing this future-oriented technology wholeheartedly“, declared Minister Güler at the farm’s inauguration.
Torsten Hinsche, Head of Commerzbank’s Center of Competence (CoC) for Renewable Energies, noted that “Turkey is one of the most important growth and future markets for renewable energy sources worldwide. Commerzbank is the country’s market leader in the financing of wind farms. This demonstrates that we know this market well and possess extensive expertise in the financing of renewable energy sources“.
With the CoC’s portfolio volume totaling some EUR 3.5 billion, Commerzbank ranks among the world’s leading financiers of renewable energy projects. In Germany, the bank holds a market share of some 20 percent. Commerzbank stands among those enterprises that pioneered financing of wind power generation and funded its first wind energy project in 1986.
Turkey is an important market for Commerzbank: the bank has had a representative office in Istanbul for over 20 years, and maintains accounts there with over 30 banking institutions. Commerzbank handles the financial operations for one-fifth of all German-Turkish foreign trade, and has been financing exports of investment goods to Turkey for over three decades.
