SGI looks to China for investment support
Smart Growth International (SGI) has signed a wind power plant investment agreement with China Development and Investment Corporation (SDIC). Daily DUNYA spoke to CEO Erhan Durmaz prior to the signing ceremony at the Sait Halim Pasa Mansion in Istanbul on June 8. The $225 million investment will pave the way for many renewable energy investments between China and Turkey, he said.
Durmaz noted that the agreement includes the Aydin-Soke Wind Power Plant, which has been producing energy since 2012, as well as 140 MW capacity plants in Aydin and Manisa that are currently under construction. They plan another 400 MW of renewable energy investment in the next phase of the partnership, he added.
No support from Europe for 5 years
SGI has found itself under pressure to complete its investments for the Renewable Energy Resources Support Mechanism (YEKDEM) project in 2020. “Unfortunately, for the last 5 years we have been unable to get support from European banks and funds,” Durmaz said. “So we have turned to Eurasia. We told our Chinese friends that Turkey is far away from you, but it is very close to the Middle East, Africa, and Europe. The Chinese are very interested in investment partnerships and they really care about these investments. SDIC will fully meet the direct investment cost of our wind power plant investment. We plan to further increase investments from China. We also expect support from our government in this regard.”
According to Durmaz, an 80 percent share of the project partnership will be held by SDIC. Durmaz underlined that SDIC is the second largest state investment institution in the world and PowerChina, which undertook the construction of power plants, is the world’s largest company in the field of energy construction.