Gama & GE Launch First Wind Projects in Turkey

Gama Energy A.S., a joint venture between Gama Holding A.S. and GE Energy Financial Services announced that their first wind energy projects in Turkey, the 22.5-megawatt (MW) Sares and 10-MW Karadag wind farms in the country’s western region. The projects, costing a total €54 million, feature GE’s 2.5-megawatt wind turbines.

Gama Energy is developing and investing in the projects while TSKB, the Industrial Development Bank of Turkey, is arranging and leading €44 million in debt financing. Additional details of the financial transactions were not disclosed. GE Energy is supplying 13 turbines and will operate and maintain them under a services agreement.

The projects’ power will be sold to the merchant market or will benefit from the Turkish regulated feed-in tariff. Construction of the Sares wind farm begins next week and is expected to be completed by the end of this year. Construction of the Karadag project is planned to begin later this year, with completion during the first quarter of 2011.

“This investment demonstrates Gama Energy’s ability to develop and execute high-quality energy projects,” said Andrew Marsden, managing director of Europe at GE Energy Financial Services. “In addition, this investment is in line with GE’s ecomagination program to help customers meet their environmental challenges, and it contributes to our global growth.”

Turkey’s Ministry of Energy and Natural Resources aims to generate 20 percent of its electricity production from renewable resources by 2020. In wind energy, the country has developed just 600 megawatts of an estimated potential 88 gigawatts.

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