Galata Wind receives USD 25 million green loan from Proparco
Galata Wind receives USD 25 million green loan from Proparco

The agreement between Galata Wind and Proparco was signed on this Monday by Galata Wind CEO Burak Kuyan and Proparco CEO Françoise Lombard. Doğan Investment Bank, acted as the financial advisor and coordinator of this green loan facility. The project creating synergy among the subsidiaries of Doğan Group demonstrates that subsidiaries from different sectors can collaborate to achieve significant endeavors.

Galata Wind CEO Burak Kuyan, stating that the sustainability conditions of the green loan will make a significant contribution to the company's efforts in this area, said the following: “We are pleased to have secured the first green loan provided by Proparco in Türkiye as Galata Wind. We will utilize the first USD 15 million portion of the USD 25 million loan shortly, and the remaining USD 10 million will be used once the 2nd phase of the Taşpınar Hybrid SPP project is completed. By the end of 2030, we are taking firm steps towards our goal of increasing our portfolio to 1,000 MW with wind, solar and storage electricity projects worth approximately USD 700 million both in Türkiye and abroad.”

Françoise Lombard, CEO of Proparco, added, "We are proud to support Galata Wind Company and the Dogan Group, who are fully committed to the development of renewable energy in Türkiye. The country is at the forefront of innovative renewable energy investments in the Eurasian region. The construction and installation of the solar power plant should help limit Türkiye’s dependency to gas and advance the country’s energy transition"

Hulusi Horozoğlu, CEO of Doğan Investment Bank said, “We are proud to be the financial advisor and coordinator for Galata Wind's investment loan from Proparco. We believe that renewable energy investments are instrumental for Türkiye to achieve its sustainable development goals. This transaction will make valuable contribution to our country's transition to a low-carbon economy and its efforts to combat climate change by financing Galata Wind's renewable energy investments.

As Doğan Investment Bank, we are once again pleased to demonstrate our support for sustainable energy and our determination to contribute to Türkiye's transition to a green economy with this landmark financing facility."

Galata Wind plans to launch the remaining 7 MW in a very short time within the scope of the 17 MW first phase of the approximately 42.5 MW Hybrid SPP in the "Taşpınar Combined Renewable Electricity Generation Facility Project", which includes both WPP and SPP. The 25 MW second phase of the project is expected to be completed by the end of 2024.