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April 30, 2010

GE's Wind Farms in Turkey Boost 'Green Power'
By Mini Swamy
TMCnet Contributor

A joint venture between GAMA Holding A.S. and GE Financial Services, resulting in Gama energy announced the first wind energy project in Turkey.



The projects, the 22.5 megawatt Sares and 10 megawatt Karadag wind farms in the country's west region, estimated to cost approximately $72 million, features GE's 2.5 megawatt wind turbines. It will be supplying 13 turbines and will operate and maintain them under a service agreement.

Construction of the Sares wind farm is scheduled to begin in the first week of May 2010, and the Karadag wind farm is slated for later this year, expecting to be completed during the first quarter of 2011.

GAMA Energy, based in Ankara, is developing and investing in the projects while TSKB, the Industrial Development Bank of Turkey, is arranging and leading about $59 million in debt financing. The projects’ power will be sold to the merchant market or will benefit from the Turkish regulated feed-in tariff.

The wind farms are expected to generate enough electricity to power approximately 59,000 average Turkish homes. The most important feature however, is that these wind farms will reduce greenhouse gas emissions by almost 80,000tons annually.

“Such wind projects as the ones we are launching, not only support a cleaner environment but create employment opportunities, support our company’s growth objectives and help Turkey achieve its renewable energy goals,” GAMA Energy MD and Board Member M. Arif Ozozan said.

Hakim Ozman of GAMA Holding A.S. went on to add that the projects represented the growth of a productive partnership with GE and  a commitment to invest in Turkey's growing energy sector.

“This investment demonstrates Gama Energy’s ability to develop and execute high-quality energy projects,” Andrew Marsden, MD, Europe, GE Energy Financial Services, said.

Marsden added that the investment was in line with GE's contribution to meeting environmental challenges, and contributed to overall global growth.

Turkey’s Ministry of Energy and Natural Resources has plans to generate 20 percent of its electricity production from renewable resources by 2020. Out of the estimated potential of 88 gigawatts from wind energy, it has developed just 600 megawatts.

Marsden viewed the Project as an exciting one as the renewable energy market in Turkey had great potential, if government regulations and tariffs were set appropriately.

GAMA was established in Turkey in 1959 and has become a reputed international general contractor with operations in 17 countries extending from Ireland in the west to Russia’s Sakhalin Island in the east.

GE Energy Financial Services’ experts invest globally across the capital spectrum in essential, long-lived and capital-intensive energy assets that meet the world’s energy needs. In addition to capital, GE Energy Financial Services offers the best of GE’s technical know-how, technology innovation, financial strength and rigorous risk management.


Mini Swamy is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.

Edited by Patrick Barnard

 






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