Turkish wind energy in rapid development


In a windy area in the northwestern part of Turkey, 22 wind turbines from the Danish producer Siemens Wind Power are rotating. Together, the 22 wind turbines make up the onshore windfarm Balabanli which is the 15th windfarm in Turkey financed by EKF within the past 10 years. (Foto: Siemens Gamesa Renewable Energy)

Fast and competitive financing with EKF 

Facts om Balabanli


What: Onshore wind farm in the northwestern part of Turkey

Supplier: Siemens Wind Power A/S

Size: 50.6 MW divided between 22 wind turbines

Year of construction: 2014

How much: USD 100 million

EKF's share: 95% of the senior debt equivalent to USD 68 million

EKF product: Buyer credit (incl. Export Loan)

Coverage: 2014 – end of 2027

​The Turkish market for wind energy is in rapid development. Approximately six per cent of Turkey´s energy production comes from wind and the percentage share is increasing. During 2006-2016 EKF has financed approximately 30 windfarms in the country. Consequently, EKF has become very familiar with the Turkish market, with the sponsors and the financial partners in the country. However, EKF´s fast case handling and competitive financing are the main reason why Turkey is particularly interested in EKF´s participation in the projects.

In 2013, EKF financed the 50.6 megawatt onshore windfarm Balabanli which supplies energy to 43,000 households. The Balabanli project is owned by Borusan EnBW Enerji, which is a 50:50 joint venture between the German energy supplier EnBW and the Turkish industrial group Borusan. The company was established in 2009 with the aim of developing 2,000 megawatt renewable energy in Turkey. Balabanli is the second out of a series of projects launched by Borusan EnBW Enerji. The total investment is USD 100 million.

The Balabanli project is a classic example of a bank guaranteed wind transaction in Turkey. Like most of the wind transactions financed by EKF in the country, the financing is built around a Turkish project financing solution, with Borusan EnBW Enerji as the sponsor and Yapi ve Kredi Bankasi A.S. and UniCredit Bank as the lenders.

​EKF is funding the project, offering UniCredit Bank a 95% guarantee in the form of a buyer credit.