GE Renewable Energy and Fina Enerji to drive renewable energy development in Turkey

GE Renewable Energy [NYSE: GE] and Fina Enerji today signed an agreement to work on potential eight wind projects in Turkey providing up to 410 MW of power by December 31st, 2020. With the previous agreement signed in 2017 for Kızılcaterzi Wind Project, Fina Enerji is expected to add up to 425 MW to their installed base by 2020. The signature of this agreement supports Turkey’s national goal of reaching a capacity of 20 GW in wind power and generating 30 percent of its energy from renewable sources by 2023.

The signing of the agreement – which calls for GE to supply its GE’s 3.8-130 wind turbines and related services and long-term Services for projects – was witnessed by GE’s Chairman and CEO, John Flannery, and Chairman of the Board of Fina Enerji, Murat Ozyegin. The wind farms are intended to start commercial operations in 2019 /2020, and to be located across different regions of Turkey.

Murat Özyeğin, Fina Enerji’s Chairman of the Board, said: “We are proud to sign this agreement, which we believe will make a major contribution to the achievement of our country’s renewable energy goals. By expanding our goals day by day, we have been continuing our investments at full speed since 2007. Our installed base in wind power will be reaching from 336 MW up to 761 MW in two years through the agreement we signed in 2017 and the agreement we signed today. We are particularly pleased to continue our journey with GE, our long-time business partner, who is extending its contribution to local production”

GE’s 3.8-130 wind turbine features a 130-meter rotor and offers the latest enhancements in load management controls, low acoustic emissions, efficient electrical power conversion and robust performance. The turbines have to meet local content requirements, supporting employment and localization efforts in the country.

Dr. Manar Al Moneef, General Manager, GE’s Onshore Wind Business, in Middle East, North Africa, and Turkey, said: “It’s truly exceptional when our work can actively contribute to the realization of essential national strategies – our relationship with Fina Enerji continues to be a shining example of what true collaboration can accomplish. Our commitment to Turkey is a holistic one – in addition to working toward renewable energy targets, GE is fully committed to supporting and advancing local manufacturing and employment in Turkey; GE’s LM Wind Power blade factory, which last year started manufacturing in İzmir, is testament to this. We are thrilled and excited by what this signature can offer.”

This agreement builds on the already strong relationship between GE and Fina Enerji. In April 2017, GE and Fina Enerji announced their agreement to broaden their cooperation by entering into a comprehensive 10-year Full-Service Agreement (FSA), complemented by a 2-year trial of GE’s Predix-powered Digital Wind Farm solutions for Fina Enerji’s existing wind farms.

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About GE Renewable Energy:
GE Renewable Energy is a $10 billion start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power and more recently turbine blades, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world’s first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy.
 

About Fina Enerji:
Fina Enerji is owned by Fina Holding that is a part of Fiba Group, founded in 1987 by Hüsnü M. Özyeğin. Fiba Group is a respected and well-known player in national and international markets and operates in 12 countries through 73 companies with more than 15.000 employees from 55 nationalities. Fina Holding has established Fina Enerji in 2007 to involve in development, generation and trading of renewable energy. It currently has nine wind farms of 336 MW and has four solar energy plant of 25 MW. Additional capacity of 200 MW is scheduled to be commissioned within 24 months. 9 wind power plants with a capacity of 425 MW are expected to be completed by 2020 in scope of its growth plan.

Fiba Group is the parent company of Fina Enerji and gives the financial firepower required for rapid and seamless implementation of wind power projects. Fiba Group as a diversified conglomerate with investments ranging from banking, factoring and leasing to retailing has 1,9 billion USD total equity and 15.8 billion USD total assets on its balance sheet as of 2016, giving Fina Enerji enormous flexibility in employing capital across a wide range of projects in different fields of the energy business.