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Signing Ceremony of the Kalkinma-Armahes Credit Agreement
 
Home Page \ Kalkınma News \ Signing Ceremony of the Kalkinma-Armahes Credit Agreement

Signing Ceremony of the Kalkinma-Armahes Credit Agreement

The signing ceremony of the credit of $42 million granted by Development Bank of Turkey to Armahes Inc. for Muratlı Hidroelektrik Santra(Muratlı Hydroelectric Plant - HES) took place on July 17th, 2009, at Sheraton Hotel in Ankara

In his speech at the signing ceremony, Abdullah Çelik, chief executive officer of Development Bank of Turkey emphasized the importance of the future investments
that Turkey should make in energy sector for its sustainable economic growth, and said: “Our Bank is determined to continue increasingly its support to energy investments which definitely proved to be necessary for Turkey’s development.”

Pointing out that Turkey’s potential renewable energy capacity should be used for insuring energy supply security and reducing the foreign energy dependency, he said: “We have consciously given priority to energy loans which are considered to be a reliable investment field for both our Bank and investors, because of their conformity with development targets in the second half of 2008 – the year of global crisis – , and of buying guarantee after project completion. 

And this field has become one of our Bank’s main fields of activity. Up to now, we had a credit demand of TL1.3 billion, as far as energy loans are concerned. The greater part of this demand goes to hydroelectric plants, and the rest to wind, geothermal and bio-energy projects. As it can be easily seen, our Bank is active in all fields of renewable energy investments. All demands were quickly assessed by our project teams specialized in the field of renewable energy, and we allocated these projects a loan of TL520 million obtained from international institutions such as World Bank, European Investment Bank and Islamic Development Bank. The number of projects funded up to now is 31, and the total power quantity of these projects 420 megawatts. Aiming at customer satisfaction, our project teams give technical consultancy before and after the investment fort the projects in question. Another point to mention here is that we offer investors the sources obtained from international institutions with lowest commission rates, so as not to be a burden to them.

The Muratlı Hidroelektrik Santralı (Muratlı Hydroelectric Plant), one of the important hydroelectric plant projects assessed by our Bank, will be carried out by Armahes Inc. in the Yeşilırmak Basin, on the Kelkit Çayı, Çamoluk, Giresun. This installation which is planned to be completed in 2011 has a capacity of 37.7 MW

Our Bank is determined to continue increasingly its support to energy investments which proved to be necessary for Turkey’s development.
In this scope, we are continuously working to get further funding from old and new institutions. Note that some of this work will be finished in the last quarter of 2009 and in the first half of 2010. I want to finish my speech by thanking again our investors who helped us reach this level of activity in so little time with regard to energy investments, as well as the staff of the Bank which are the heroes behind this process they made possible through their efforts.” Ali Yıldırım, chairman of Armahes Inc. and board member of Fenerbahçe Spor Kulübü (Fenerbahçe Sports Club) said also that Muratlı HES Project is a project of $60 million, that the part of $50 million of the investment outside electronic and mechanical equipment will be supplied from Turkey. He added that this kind of energy investment would be a source of employment for Turkey who strives to overcome the global crisis, and that this made them feel happy.