Kocaer Enerji, 99% owned by Turkish steelmaker Kocaer Çelik, has agreed a $37.825 million loan with the Development and Investment Bank of Turkey. The funding will support the first phase of the Kocaer 1 Geothermal Power Plant and Resource Exploration Project in Aydın province.
The loan has a 10-year term, including a two-year grace period on principal repayments. The project is being developed in the districts of Buharkent and Kuyucak. It is planned to have a total installed capacity of 24 MW, with the plant commissioned in two 12 MW phases.
In October, the project received environmental impact assessment approval from Turkey’s Ministry of Environment, Urbanization and Climate Change.
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