Odeabank Provides the Credit, Tekno Ray Solar Provides the Energy​

The two solar power plants (CSP) built in Konya, by Tekno Ray Solar, leading the sector with its investments in producing electricity from solar energy,with 12 million USD of financial support from Odeabank having a capacity to produce a total of 20.4 MW electricity are commencing their operations. The two CSPs will help save more than 50,000 trees per year, while preventing more than 20,000 tons of CO2 emission.

Turkey's young and innovative bank Odeabank continues to provide financial support for projects that increase energy production through renewable resources. Tekno Ray Solar, standing out in the sector with its large scale projects on the production of electricity using solar energy, has invested in two Solar Power Plants (CSP) with a total capacity of producing 20.4 MW electricity in Konya, with a 12 million USD of project financing credit from Odeabank.

Altınekin CSP, one of the power plants of Tekno Ray Solar that will start their operations this month, will produce 14,154,000 kWh electricity annually with its nameplate capacity of 8.4 MW, while Cihanbeyli CSP with a nameplate capacity of 12 MW is planned to produce 19,944,000 kWh of electricity per year.

Odeabank Board Member and General Manager Hüseyin Özkaya, who spoke at the ceremony organized by Odeabank and Tekno Ray Solar to mark the completion of construction and the start of operations, said: “We are very happy to provide financing for this project that will increase our country's capacity of producing energy from renewable resources with a clean and environment friendly resource like solar energy. Today, producing energy from renewable resources is an essential part of building a sustainable economy. These type of investments are especially important for countries like Turkey where the energy consumption depends mostly on imported resources and billions of dollars’ worth of resources need to be allocated for the energy imports.” Özkaya added: “For this reason we have given a lot of importance to the CSP projects of Tekno Ray Solar from the beginning. We are very happy to have a contribution in the implementation of these projects. I congratulate Tekno Ray Solar for realizing projects that will highly benefit our economy while also protecting the environment. As a bank aiming to provide added value to the Turkish economy and supporting sustainability, we will continue our support for renewable energy projects.”

Altay Coşkunoğlu, the CEO of Tekno Group of Companies said in his speech: “As Turkey, we are a country dependent on foreign resources in terms of energy. Although, our import bill that was 65 billion dollars until two years ago has decreased to 45 billion dollars with the drop in oil prices, it is still the main source of the current account deficit in our country. If Turkey can implement a proper energy strategy and utilize the amount paid each year for energy imports in CSP investments, we can reduce our energy imports by 75% and get the return on our investment within 3 years.” He added: “When we take into account that today Germany, a country that has almost no sun, generates a power of 44 GW from established CSPs, China's total investments exceed 50GW and the the investment of USA in just the year 2016 amounts to 20 GW, it is obvious that it is necessary to clear the way for CSP investments in Turkey, especially with the solar irradiation rates we have. Right now, thanks to the incentives provided to the solar sector, the CSP investment model has the fastest rate of return among all energy investments. For this reason I think that the solar sector will grow even more rapidly and we will all see that Turkey will no longer be dependent on foreign resources in energy within a short period of time.”

Berna Meriç, the CFO of Tekno Group of Companies also said:“ Although the project credits are being seen in a more positive light in the past few years, the banks were hesitant in the beginning as solar energy is a relatively new sector. However, financial support was needed both in order to strengthen the economy and for the continuation of relevant investments. As a pioneer in leading the banking sector in this area, Odeabank has provided financing support in both of our projects. We are very happy to have signed off on these great projects together and having provided added value to our country.”

GREEN ENERGY

Projects that produce electricity by using solar energy help protect nature by preventing CO2 emissions and contribute in producing sustainable energy production using local resources. For example Cihanbeyli CSP will save 29,473 trees and prevent 12,185 tons of CO2 emissions per year. Thanks to Altınekin CSP, 20,917 trees will be saved and 8,647 tons of CO2 emissions will be prevented annually.