Zorlu Energy wins EMEA “The Best Energy Infrastructure Financing” award with Kızıldere III project
The leading finance magazine of Europe, Middle East and Africa, EMEA Finance, granted “The Best Energy Infrastructure Financing” award to Zorlu Energy for the financing provided to Kızıldere III Geothermal Power Plant project which is the fourth geothermal power plant investment in Turkey. In the contest where financing for the best sustainable energy projects were assessed, the project that was awarded and whose construction has been initiated will have totally 95.2 MW of installed power.
The financing provided by four leading banks of Turkey for Kızıldere III Geothermal Power Plant project initiated this year by Zorlu Energy, who represent 22% of total installed geothermal power of Turkey, has been granted “The Best Energy Infrastructure Financing” award for Middle East and Eastern Europe Area in 2015. Zorlu Energy’s expertise in renewable energy and the sustainability vision of the Kızıldere III project had an impact on this award granted by EMEA Finance Magazine, one of the most prestigious finance magazines of Europe, Middle East and Africa. As a follow up of Kızıldere I and Kızıldere II geothermal power plants, Kızıldere III Geothermal Power Plant is planned to have 95,2 MW of installed power with an expected investment cost of 320 million $.
“We owe our success to our sustainability mission and international reputation”
Having made a statement about the subject, Zorlu Energy General Manager Sinan Ak said that they achieved exemplary projects which require particular expertise in geothermal energy in Turkey and added:
“We play an active role in local, renewable and sustainable energy projects which are vital for sustainable growth of the Turkish economy. While representing 22% of installed geothermal power of Turkey with total geothermal installed power reaching up to 140 MW, we realize our environmental and social sustainability vision besides our economic sustainability vision. We are proud that the experience and technical know-how we acquired in local and renewable energy resources, which represent 63% of our installed power, were considered worthy for international recognition as a result of a detailed assessment process. We owe our success to our economic, environmental and social sensibility in our projects and the great value we attach to application and financing at international standards. We will further develop our expertise and leadership in the field through the energy projects we will realize in the upcoming period.”
The construction of Kızıldere III Geothermal Energy Power Plant has been started in addition to the existing Kızıldere I and Kızıldere II investments which are conducted through Zorlu Doğal Elektrik Üretimi Inc., 100% affiliated to Zorlu Energy. A loan of 815 million $ was provided in October 2015 for investment financing and refinancing of existing debts as a result of the agreement signed between Akbank, Türkiye Garanti Bankası, Türkiye İş Bankası and Industrial Development Bank of Turkey. Zorlu Energy General Manager Sinan Ak: “We consider the long term financing provided by four different banks as an important indicator of respect and confidence in our investments. Our regular and balanced growth in local and renewable energy-focused investments was supported by financial reputation following this loan agreement 255 million $ of which were used for financing Kızıldere III investment. We are more than happy that financial reputation of these projects realized with sustainability mission is also awarded at international level.”
Zorlu Energy continues its investments that create added value by focusing on local and renewable resources. With a remarkable expertise in renewable energy resources, which represent 63% of its domestic installed power and almost 50% of its total installed power, Zorlu Energy has 140 MW of geothermal power including Kızıldere I and II power plants in Denizli and another power plant in Manisa Alaşehir. The Group has a special position within the sector due to its sustainability approach and integrated power plants which enable supplying carbon dioxide from geothermal for greenhouses, houses, hotel heating and commercial facilities.
In the award ceremony held in London, Elif Yener, Financial Affairs Director of Zorlu Energy and Erdinç Yener, Structured Finance Manager of Zorlu Holding accepted the award on behalf of Zorlu Energy.