Zorlu Enerji agrees USD-111m loan for 56.4-MW Pakistani wind farm
Oct 27, 2011 - Turkish Zorlu Enerji Elekrtik Uretim (IST:ZOREN) announced that it had borrowed USD 111 million (EUR 79m) from four banks to finance in part a 56.4-MW wind power project in Pakistan.
The 12-year loan facility has been agreed with the Asian Development Bank (ADB), Eco Trade & Development Bank, Pakistani Habib Bank Ltd (KAR:HBL) and World Bank Group member International Finance Corp.
The company said it would use the amount to boost the capacity of a 6-MW wind farm in Pakistan to 56.4 MW. The project envisages an investment of USD 158.7 million. After it is finalised, the facility will feed power into the national grid under a 20-year power purchase agreement with the National Transmission and Dispatch Company.