INTERACT CLIMATE CHANGE FACILITY SA
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Eolos Rüzgar Enerjisi Üretim A.Ş. (Eolos Wind Energy Generation Company, or “Eolos”) is a special purpose vehicle that was established for the development and construction of a small scale wind farm in Turkey. It is owned by Güriş Inşaat ve Muhendislik A.Ş. (“Güris”), a Turkish family-owned business. Güris is one of the leading contracting companies in Turkey, with approximately 25 affiliates and nearly 3,000 employees. It operates in the renewable energy sector, steel industry and machinery business. In its home market of Turkey it holds an operating portfolio with an installed capacity of 225MW, mainly in geothermal power plants and wind farms. It is expanding its activities outside its home market and now develops new projects in Eastern Europe, Central Asia and the Middle East.
What is our funding objective?
FMO will participate in the financing of a 9MW extension of the existing Eolos Wind Power Plant, located in Senköy, in southern Turkey. The project consists of the planning, building and operation of 3 additional wind tower generators, each generating 3 MW and resulting in a total installed capacity of 36MW. The expansion will be financed through the Interact Climate Change Facility (ICCF), in which FMO participates. The existing 27MW wind farm was also financed by FMO through the ICCF.
Why do we fund this investment?
The project will generate energy from a clean and renewable source and thus help to reduce CO2 emissions. It is a good fit with FMO's strategy to finance renewable energy in developing countries. The participation through ICCF ensures an efficient process for catalyzing funding for climate projects and increases cooperation among European partner institutions. The existing wind farm has a strong operational track record and energy production is above expectations. The increase in energy supply further supports economic growth in the region.
More investments
| Date | Total FMO financing |
|---|---|
| 4/19/2021 | EUR 60.00 MLN |
| 7/31/2015 | EUR 3.88 MLN |
| 2/16/2015 | EUR 3.18 MLN |
| 3/24/2014 | EUR 4.70 MLN |
- Region
- Europe & Central Asia
- Country
- Türkiye
- Sector
- Energy
- Effective date
- 2/11/2014
- Total FMO financing
- EUR 1.42 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A