Fiba Group unit eyes EBRD loan for 75 MW of new solar in Turkey

The European Bank for Reconstruction and Development (EBRD) is considering lending up to USD 42 million (EUR 37.7m) to a unit of Turkish financial holding company FIBA Group for the development and construction of two solar farms at home with a combined capacity of 75 MW.

The contemplated senior loan, if approved, will be provided to Kavram Enerji Yatirim Uretim ve Ticaret AS for the implementation of solar projects to be co-located with two existing wind farms owned by the borrower, a press statement says.

The first project envisages the installation of a 55-MW solar farm at the 61-MW Uluborlu wind power plant in the Isparta province. The second one is for a solar capacity of 20 MW to be deployed at the 21-MW Gunaydin wind power plant in the province of Balikesir.

Once operational, the two facilities will generate 100 GWh of clean electricity annually.

The potential ERBD financing will cover the entire cost of the two developments which is estimated at USD 42 million.

The considered financing is under an “exploratory” status, with a final approval due by October 22, 2024.

The Gunaydin and the Uluborlu solar project already have their national environmental impact assessments (EIAs) approved by the local authorities. Neither project will require the construction of overhead energy transmission lines, water pipelines, external access roads, or any other additional facilities.

Kavram Enerji is owned by Fiba Yenilenebilir Enerji Holding AS (Fiba Renewables), which is controlled by the renewable energy projects and energy trading arm of Fiba Group.

Fiba Renewables operates a portfolio with a total installed capacity of 581 MW, including 553 MW of wind and 28 MW of solar, across Turkey.

(USD 1 = EUR 0.899)

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