Bloomberg News

Zorlu Gets $111 Million Loan for Pakistan Wind-Power Project

October 27, 2011

(Updates with shares in final paragraph.)

Oct. 27 (Bloomberg) -- Zorlu Enerji Elektrik Uretim AS, a Turkish utility, got a $111 million loan for a wind-power project in Pakistan.

The Istanbul-based company borrowed $38.1 million from the World Bank’s International Finance Corp., $36.8 million from the Asian Development Bank, $20 million from the Eco Trade & Development Bank and $16.2 million from Habib Bank Ltd. of Pakistan, Zorlu Enerji said in a statement.

The 12-year loan will part-finance the 56.4-megawatt wind project in Jhimpir state, which will cost $158.7 million, according to the statement.

Zorlu Enerji rose as much as 1.7 percent to 1.76 liras in Istanbul trading, and was at 1.75 liras as of 10:59 a.m. local time. The company has 475 megawatts of power capacity at projects in Turkey, Russia and Israel.

--Editors: Amanda Jordan, Randall Hackley

To contact the reporters on this story: Ercan Ersoy in Istanbul eersoy@bloomberg.net; Aydan Eksin in Istanbul at aeksin@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus