LM Wind bags EUR-15m IFU loan for blade factory in Turkey
IFU INVESTS WITH LM WIND POWER IN TURKEY. Source: Investment Fund for Developing Countries (www.ifu.dk).
The Investment Fund for Developing Countries (IFU) said Wednesday it has sanctioned a EUR-15-million (USD 16.5m) loan for Danish wind turbine blade maker LM Wind Power’s new factory in Turkey.
Production ramp-up at the plant is expected to start by the middle of 2017 with an annual capacity of 500 MW and a potential to expand that to 2 GW. Construction works at the site in Bergama, Izmir province in western Turkey were initiated in mid-July.
The factory is expected to create up to 450 jobs. It will be LM Wind's 14th blade manufacturing facility worldwide. The company has plants in Brazil, Canada, China, Denmark, India, Poland, Spain and the US.
The investment aligns with IFU’s commitment to support sustainable development and the promotion of renewable energy in developing countries and emerging markets.