Germany's LBBW, KfW IPEX-Bank back financially expansion of Karaburun wind farm in Turkey

German banks Landesbank Baden-Wurttemberg (LBBW) and KfW IPEX-Bank are providing the financing for the $157 million (137.5 million euro) expansion of the Karaburun wind farm near the Turkish city of Izmir by local utility Alto Holding A.S., KfW IPEX-Bank said.

The financing includes a $95 million tranche covered by credit insurer Euler Hermes, which will be provided equally by both banks, and a mezzanine tranche worth the equivalent of $39 million, KfW IPEX-Bank said in a statement on Thursday.

The expansion will see Alto Holding double the capacity of the wind farm to 252 MW.

German manufacturer of wind energy converters Enercon is in charge of the construction and installation of the turbines for the wind farm.

($ = 0.8756 euro)

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