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Turkish Ayen's Albania-based subsidiary to obtain EUR 128mn loan from Is Bankasi.

January 29, 2014

Turkish power company Ayen Enerji informed in a filing with the Bourse Istanbul that its 82% Albania -based subsidiary Ayen AS Energji SHA will obtain a EUR 128mn loan from one of Turkey's largest private lenders Is Bankasi and to put up Ayen AS Energji's shares as collateral for the loan. In June, the Albanian government said in a statement that Ayen Enerji, part of Aydiner Group , launched a project for the construction of five hydropower plants on the Fan River in northern Albania . The project also envisaged building of 84 high dam and a 32km tunnel, which will connect the two source rivers: the Great Fan and the Little Fan. The power plants would have a total installed capacity of 111 MW, an annual output corresponding to 7% of Albania's domestic demand. Aydiner's investment was estimated at EUR 146mn and it was expected to create some 950 new jobs.

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Source: IntelliNews - Weekly Reports

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