Turkey 's Zorlu Enerji (ZOREN.IS), the energy arm of Turkish textiles-to-electronics conglomerate Zorlu Holding AS, said Monday that it has secured nearly $1 billion of financing for the 800 megawatt Dorad natural gas plant project in Israel , the Ihlas News Agency, or IHA, reports.

In a statement, Zorlu said it has a 25% stake in the Dorad project. The other stakeholders are Eilat Ashkelon Infrastructure Services Ltd. with 37.5%, Edelcom Ltd. with 18.75% and U. Dori Energy Infrastructure Ltd. with 18.75%.

A number of banks and finance corporations participated in the financing, headed by Bank Hapoalim BM and Clal Finance Business Credit Ltd., Zorlu said.

The total cost of the project, 80% of which is being financed by loans, is around $1.2 billion, it said.

Loans will be repaid 17 years after the project is completed in 2013, and the interest rate on the loan will range between 5.1% and 5.6%, it said.

U.S. Wood Group GTS will perform engineering, construction, purchasing and logistics activities for the project, Zorlu added.

Zorlu Enerji shares Monday closed 2.52% lower at TRY2.71 in a market that was 3.14% lower overall.

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