Kocaer Celik subsidiary secures loan for geothermal project

Kocaer Celik's 99 pct-owned subsidiary Kocaer Enerji has secured a USD 37.83 mln investment loan to finance the first phase of its Kocaer 1 Geothermal Power Plant project in Turkey.

The financing agreement was reached with the Turkish Development and Investment Bank (TKYB). The loan has a 10-year maturity, including a two-year grace period for principal repayments.

Kocaer Enerji is developing the geothermal power plant and resource exploration project in the Buharkent and Kuyucak districts of Aydin province. The project received a positive Environmental Impact Assessment decision from Turkey's Ministry of Environment, Urbanization and Climate Change in October 2026.

The project is planned to have a total installed capacity of 24 MWm, to be commissioned in two phases of 12 MWm each. The new financing will support the development of the first phase.

Kocaer Celik operates three steel profile plants in Aliaga with a combined annual capacity of 800,000 tons, along with a 180,000 tons per year steel service center and a 100,000 tons per year galvanizing facility.