Limak Hydroelectric Power Plants Investments, Inc, a subsidiary of Limak Group, signed a contract for a 350 million dollar loan from two Turkish banks, Yapy Kredi and Y? Bank. This credit has a four year grace period and an eight year time loan.Limak will use this credit for the Alkumru Dam and Hydroelectric Power Plant (HEPP) investment which is located on the Botan Creek within the boundaries of the city of Siirt in the southeastern Anatolia region.
This HEPP has a total installed capacity of 267 MW and an annual power generation of 1 billion KW is projected.
Limak Chairman Nihat Özdemir stated that energy production will begin in December 2010 and the entire project is expected to be completed by May 2011. He continued to say that Limak Group has 3 HEPPs in operation and an enterprise of 9 other projects. With its 1200 MW installed capacity and 4.3 billion KW/h annual power generation, Limak will be one of the first 3 energy companies in Turkey of this scale.
Chairman Özdemir also explained that Limak Group is interested in investing in different kinds of energy undertakings in coal, natural gas, wind and solar. Additionally, they would like to have an energy distribution area to exercise their potential.
At the credit loan execution, Y? Bank’s CEO Ersin Özince said that energy projects are the banks priority. A total loan amount of 1.25 billion dollars was lent to 17 different projects undergoing at energy companies and this number will increase to 1.65 billion dollars in the next six months. Is Bank has negotiations with other companies seeking financing for energy deals.
Yapy Kredi CEO Faik Açykalyn said that until now they financed 3500 MW projects with 2.5 billion dollars and 85 percent of their loans were issued to renewable energy companies.
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