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Kalkınma and Zorlu Energy agreed on $23-Million Energy Efficiency Loan
 
Home Page \ Kalkınma News \ Kalkınma and Zorlu Energy agreed on $23-Million Energy Efficiency Loan

Kalkınma and Zorlu Energy agreed on $23-Million Energy Efficiency Loan

Development Bank of Turkey (Kalkınma) agreed to provide USD 23 million energy-efficiency loan to Zorlu Energy, which holds an important place in Turkey’s economy by the size of its production, export and employment figures as well as its competitiveness across the world markets. Zorlu Energy is part of Zorlu Group, one of the strongest participants in the Turkish energy sector which operates in Europe, Asia and the Middle East.

Zorlu Energy will use this loan to invest in increasing the capacity of the natural gas cogeneration plant which is located in Lüleburgaz town of Turkey's northwestern province of Kirklareli. Thanks to this project, it will set up a steam turbine of 25 MW in order to recover and utilize the heat of waste flue gas resulting from the gas turbine of 49.5 W. Consequently, the amount of natural gas used per electricity produced will be decreased by 21%, which will lead to energy efficiency. Using technically 51% of its installed power (12.75 MW), this power plant will provide the energy necessary for the enlightenment of 60.000 houses approximately (of a 250.000-person city). With the completion of the investment in Lüleburgaz plant where currently 37 people are employed, an additional employment opportunity for 5 people will be provided.

At the signing ceremony which took place at Çırağan Palace between Kalkinma and Zorlu Holding, Chairman and CEO of Kalkınma Mr. Abdullah ÇELİK stated in his speech that; “ the loan will be disbursed from three different sources: Environment and Energy Loan from European Investment Bank, Clean Technology Fund from World Bank and Energy-Efficiency Loan from World Bank. Kalkınma allocated, up to that time, a loan of TL1.800 million for energy investments, TL973 million of which were contracted, TL480 millions of which (TL217 million of this amount in 2009) were disbursed to the firms. More than 100 renewable energy projects in this area were evaluated and 64 projects with a total power of 1.050 MW were credited. Furthermore, 10 power plants with a power of 200 MW (8 hydro power plants, 1 geothermal, 1 landfill) which financed by Kalkınma are currently operating and 10 power plants are planned to go into production by the end of 2010.”

Pointing out that 11 projects with a power of 113 MW were still under evaluation, Mr.CELİK reported that applications received from investors exclusively for energy projects in 2010 reached TL1.6 billion, that as a public bank we would continue contributing to the development of the energy sector in Turkey, through transferring the appropriate long-term sources obtained from abroad to energy-efficiency projects.