Turkish renewable energy producer Baticim Enerji Elektrik Uretim has signed a US$40m loan agreement with local lender Akbank, Baticim Enerji’s affiliate company Baticim Bati Anadolu Cimento Sanayii said.

Baticim Enerji will use the 10-year loan to finance balance settlements for its Kovada I, Kovada II and Hasanlar hydropower plants (HPP), Baticim Bati Anadolu Cimento said in a bourse filing on Tuesday.

The 8.25MW Kovada I HPP, the 51.2MW Kovada II HPP and the 10 MW Hasanlar HPP have an annual combined electricity generation of 110m kWh, according to information on the website of Baticim Enerji.