Kocaer Çelik Unit Secures $37.8 Million Loan for Turkish Geothermal Plant Phase
Kocaer Çelik says its unit Kocaer Enerji signed a $37.8 million loan deal with TKYB to fund the first phase of a 24 MW geothermal plant in Aydın.
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what happened
The company reported that its 99%-owned unit, Kocaer Enerji, struck a deal with the development lender Türkiye Kalkınma ve Yatırım Bankası (TKYB) for an investment credit of $37.825 million. The funds are earmarked for the opening stage of the Kocaer 1 geothermal power plant and related resource exploration in Aydın province, according to Reuters.
The facility carries a 10-year tenor, including two years of grace before principal repayments begin. The site spans the Buharkent and Kuyucak districts of Aydın and is slated for 24 MW of total capacity, delivered in two stages of 12 MW each. The project has also received a favorable environmental impact assessment decision from the ministry overseeing environment, urbanization and climate change, which the company disclosed on October 20.
why it matters
The amount is modest, so the direct market impact is limited. Still, the environmental approval and development bank financing suggest the project is moving toward construction. It is a niche signal for Turkey's geothermal segment rather than a broad market event.
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sources
- Kocaer Celik Says Subsidiary Kocaer Enerji Secures $37.8 Mln Investment Loan For First Phase of Geothermal Power Project — Reuters, 9 November 2026 at 06:02 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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