GAMA, GE launch wind projects in Turkey

Ankara, Turkey, April 29, 2010 — GAMA Energy A.S., a joint venture between GAMA Holding A.S. and GE Energy Financial Services, announced their first wind energy projects in Turkey.

The wind power projects, costing a total $70 million, feature GE’s 2.5-MW wind turbines. The projects include the 22.5-MW Sares and 10-MW Karadag wind farms in the country’s western region.

GAMA Energy, based in Ankara, is developing and investing in the projects while TSKB, the Industrial Development Bank of Turkey, is arranging and leading about $58 million in debt financing. Additional details of the financial transactions were not disclosed.

GE Energy is supplying 13 wind 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 slated for completion 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.

According to GAMA Energy’s estimates, the wind farms are expected to generate enough electricity to power about 59,000 average Turkish homes and avoid about 80,000 tons a year in greenhouse gas emissions.

GAMA Energy Managing Director and Board Member M. Arif Ozozan said: “Such wind projects as the ones we are launching today not only support a cleaner environment but create employment opportunities, support our company’s growth objectives and help Turkey achieve its renewable energy goals.”

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 MW of an estimated potential 88 GW.

GAMA Group has taken part in the construction and development of 14,500 MW of power generation capacity worldwide, which corresponds to about 40 percent of the installed generation capacity in Turkey. GAMA owns equity in projects with a total installed capacity of 2,250 MW.


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