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Watson Farley & Williams (WFW) has advised BayernLB and Garanti BBVA as lenders on the financing of the 96MW Gökcen wind farm project in Turkey for sponsor Cengiz Enerji.
BayernLB’s financing was made in conjunction with a project finance-based loan from Garanti BBVA, with both loans benefitting from a common security package. The BayernLB loan also benefits from an Export Credit Agency cover by the Federal Republic of Germany. Spanning the north Anatolian provinces of Sinop and Cankiri, the Gökcen wind farm is equipped with Enercon turbines and is one of the last wind farms eligible for the ‘old’ YEKDEM feed-in-tariff which is denominated in US dollars.