KfW IPEX-Bank: Financing for onshore wind farm "Örenlik" in Turkey

KfW IPEX-Bank is providing financing for another energy transition project in Europe. It comprises the supply, installation and commissioning of the Örenlik onshore wind farm in Bitlis in south-east Turkey.

The financing totalling around EUR 28 million is covered by the German government via the German export credit insurance company Euler Hermes.

The supplier and installer of the six wind turbines is the renowned German manufacturer Nordex. The wind farm is scheduled to be fully commissioned in September 2024.

The borrower "Beres Elektrik" is a subsidiary of "Pakmem Elektrik Üretim", an important player in the growing renewable energy sector in Turkey.

"We are delighted to accompany our new customer Beres Elektrik in this project with our financing," said Dr Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank. "At the same time, we are supporting the German wind turbine manufacturer Nordex in a key growth market. With our participation, we are once again emphasising our commitment to driving forward the energy transition in Europe."

“We are also truly delighted to have the opportunity to collaborate with KfW IPEX-Bank on the financing of this project” added Mr. Ahmet T. Paksu, Vice Chairman of Pakmem Elektrik Üretim. “Our partnership reflects our unwavering commitment to the renewable energy sector in Türkiye. We believe in the transformative potential of sustainable energy solutions, and we are excited to further bolster our investments in this critical area. Together, we aim to drive positive change and contribute to a greener future for Türkiye and beyond.”