What happened
Efor Holding has obtained €44.5 million in export-credit finance for the Gelgit wind power plant. The funding was provided by Oldenburgische Landesbank AG (OLB) and carries a guarantee from German export credit agency Euler Hermes.
Danista Capital Partners acted as adviser during the financing process. According to Yeşil Ekonomi, the transaction is OLB’s first renewable-energy financing in Türkiye.
Gelgit began producing power in August. The facility uses wind turbines supplied by German manufacturer Nordex. The report does not state the plant’s capacity, the financing term or the date on which the funding was agreed.
The project is Efor Holding’s first investment in wind energy. It is also described as the initial project in the company’s existing 717 MW energy portfolio.
Why it matters
The deal combines lending from a German bank with export-credit support and equipment from a German turbine supplier. It shows the financing structure used for Gelgit, rather than relying solely on Efor Holding’s own capital.
For renewable-energy finance professionals, the arrangement is notable because OLB has identified it as its first transaction in Türkiye’s renewable-energy sector. Euler Hermes’ guarantee is a central part of the funding structure reported for the project.
Gelgit’s move into generation also marks the operational start of Efor Holding’s wind-energy activity. Readers tracking the company’s pipeline should monitor construction progress across its other wind schemes, as the report provides no further funding or commissioning timetable for them.
What to watch next
Data from the Turkish Wind Energy Association, cited by Yeşil Ekonomi, indicate that Efor Holding was continuing construction work on 351.4 MW of wind projects in the first half of 2026. The available information does not specify how many projects comprise that capacity or where they are located.
Further disclosures could clarify the development timetable for those projects, their funding arrangements and when they may begin producing electricity. For now, the confirmed development is the €44.5 million export-credit financing for Gelgit and the plant’s start of generation in August.
