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

February 27, 2014

Turkish power company Ayen Enerji informed in a filing with the Bourse Istanbul that its 82% Albania-based subsidiary Ayen AS Energji SHA signed an investment loan agreement yesterday (Feb 26) in Albania with one of Turkey's largest private lenders Is Bankasi and obtained a EUR 128mn loan with a maturity of 12 years and with a grace period of four years.

Ayen will use the loan for its Peshqesit hydropower plant, Ura e Fanit dam and Fangut hydropower plant investments with a total installed capacity of 92MW. Ayen has the operating rights of the two plants and a dam for 35 years, the statement detailed.

Last month, Ayen informed that Ayen AS Energji SHA would obtain a EUR 128mn loan from Is Bankasi and would put up Ayen AS Energji's shares as collateral for the loan.

In June last year, the Albanian government said 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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