Garanti BBVA Commits €36.1 Million in Financing for Işıklar Wind Power Plant to Bolster Renewable Energy Expansion

Garanti BBVA Commits €36.1 Million in Financing for Işıklar Wind Power Plant to Bolster Renewable Energy Expansion

(IN BRIEF) Garanti BBVA has revealed its dedication to supporting renewable energy initiatives with a €36.1 million financing agreement for the Işıklar Wind Power Plant, facilitated through BBVA’s Turkish unit in partnership with Dost Enerji. The wind power project will utilize 5.9MW and 6.8MW turbines, 80-meter blades, a 118-meter tower, and have a total height of 200 meters. This investment will boost Garanti BBVA’s financed wind energy capacity from 185MW to 235MW upon completion. These wind energy projects collectively represent a €250 million investment, producing 825 million kWh of electricity annually, sufficient to meet the demands of approximately 250,000 individuals and preventing 400,000 tons of new emissions each year. Garanti BBVA has played a significant role in financing wind power plants in Turkey, contributing to the growth of renewable energy sources in the country.

(PRESS RELEASE) BILBAO, 27-Nov-2023 — /EuropaWire/ — As part of its efforts to further increase financing for renewable energy projects, Garanti BBVA recently announced an agreement to provide €36.1 million in financing to Galatya Energy Production Inc. for the Işıklar Wind Power Plant.

Financed by BBVA’s Turkish unit through Dost Enerji, the wind power plant will use 5.9MW turbines and 6.8MW wind turbines, 80 meter blades, a 118 meter tower, and reach a total height of 200 meters. Once complete, the investment will increase the installed wind energy capacity financed by Garanti BBVA from 185MW to 235MW.

These wind energy projects represent a total investment of more than €250 million, producing 825 million kWh of electricity annually. This is enough to meet the needs of approximately 250,000 people, while preventing 400,000 tons of new emissions every year.

Garanti BBVA Executive Vice President Mahmut Akten explained that the bank has financed over 25 percent of all wind power plants in Turkey. In fact, since 2014, all Garanti BBVA financing for power generation has been allocated to renewable energy investments. “We are very pleased to contribute to the increase of power plants using renewable sources in Turkey with the financing of the Işıklar Wind Power Plant,” he said.

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SOURCE: BBVA