Zorlu Enerji Receives $111 Million Loan for Pakistan Wind Project

Zorlu Enerji Elektrik Uretim AS (ZOREN), 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. (HBL) of Pakistan, Zorlu Enerji said today 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.

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.

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