Turkey: Tunçmatik’s subsidiary secures $73 million credit from Aktif Bank

Powergie, a clean energy subsidiary of Istanbul-based power electronics manufacturer Tunçmatik, has closed a $73 million credit facility with Turkey’s privately owned investment bank Aktif Bank, in what is the largest investment credit deal ever made for solar projects in Turkey.

The funds will be used to develop eight solar PV plants, which are to be built in the cities of Uşak (28 MW), Elazığ (11.5 MW), Ankara (11.5 MW), Karaman (6 MW), Kütahya (5 MW), Muğla (3 MW), Afyon (3 MW) and Mersin (2 MW), and commissioned by the end of 2017.

“Turkey holds great potential in the field of solar. And our aim is to make the best use of this potential. We’ll continue with our solar energy investments with our trust in the Turkish economy. This investment will help us produce electricity in six months. And to set a production facility afoot in such a short time is only possible with solar energy production,” said Tunçmatik CEO Mehmet Özer.

Earlier in June, Aktif Bank established a joint venture with EPC contractor Halk Enerji, which will look to invest in both licensed and unlicensed projects in Turkey with a combined capacity of 100 MW.