EBRD commits $180m to renewables sector in Turkey
European Bank for Reconstruction and Development will provide loans under the Mid-size Sustainable Energy Financing Facility programme
The European Bank for Reconstruction and Development (EBRD) has committed $180 million to support Turkey’s renewable energy sector.
The finance will be provided through loans under the Mid-size Sustainable Energy Financing Facility (MidSEFF) programme.
The funds will be channelled into two Turkish banks for renewable energy projects being developed by private sector project developers.
Garanti Bank and Yapi ve Kredi Bankasi will then provide loans to project developers ranging from €10 million to €40 million.
The MidSEFF programme has supported 42 projects to date through 7 Turkish banks and has generated over 700-MW in additional renewable energy capacity.
Nearly half of the EBRDs total portfolio in Turkey covers clean energy projects, and since 2009 the Bank has invested €2.2 billion in almost 60 renewables projects, including Turkey’s biggest geothermal power plant.
The government in Turkey launched the National Renewable Energy Action Plan earlier this year and is aiming to significantly increase its renewable energy capacity.
The government is aiming for installed capacity of 34 GW of hydroelectric power, 20 GW of wind energy, 5 GW of solar energy, 1 GW of geothermal and 1 GW of biomass.
