Turkey-based steel producer Kocaer Çelik Sanayi ve Ticaret A.Ş. has made a new announcement regarding the financing of a geothermal power plant project being developed in Aydın by its 99 percent-owned subsidiary Kocaer Enerji A.Ş.
Accordingly, Kocaer Enerji and the Development and Investment Bank of Turkey have reached an agreement on a $37.825 million investment loan to finance the first phase of the Kocaer 1 Geothermal Power Plant and Resource Exploration Project. The loan has a total maturity of 10 years, including a two-year principal repayment grace period.
The project, being developed in the Buharkent and Kuyucak districts of Aydın, is planned to have a total installed capacity of 24 MWm/24 MWe and to be commissioned in two phases, each with a capacity of 12 MWm/12 MWe.
Meanwhile, the company received environmental impact assessment approval for the project from Turkey's Ministry of Environment, Urbanization and Climate Change in October.
