Zorlu Gets $111 Million Loan for Pakistan Wind-Power Project
October 27, 2011, 4:31 AM EDTBy Ercan Ersoy and Aydan Eksin
(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.
