SGI looks to China for investment support

Dünya Executive - - BUSINESS - TAMER ISITIR

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.

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