The Limak Group, a Turkish conglomerate, has signed a $350 million loan deal with Yapikredi Bank and Işbank that the firm will use to finance construction of the Alkumru Dam and hydroelectric power plant. 

"We signed the deal in November 2008. But we did not announce it because the economy was going through troubling times," Nihat Özdemir, the chairman of the Limak Group, said at the signing ceremony. "Now we are proud to announce that the dam will be launched in 2010. 

" The Alkumru Dam and hydroelectric plant will be located on the Botan River, within the city boundaries of Siirt in southeastern Anatolia. "We are aiming to provide direct employment for 2,000 people and indirect employment for 10,000 people," Ozdemir said. The total investment is worth $466 million. "Our main goal is to decrease the country’s dependency on foreign energy," Özdemir added, noting that Limak will be investing $50 million directly into Siirt. "Upon the completion of 12 plant projects, with a total of 1,200 megawatts of power and 4.3 million kilowatts of electricity production per year, Limak aims to become one of the top three energy firms in the country." 

"Despite the economic crisis, the Limak Group and supportive banks are still considering energy investments. This should be an example," said Ersin Özince, managing director of tşbank. "We will continue to support sectors such as energy and construction, which have strategic importance for us," said Özince. "Yapikredi Bank is happy to take part in sustainable-energy projects," added Faik Açıkalın, the bank’s managing and executive director.