EBRD provides Turkey with renewables funds
The European Bank for Reconstruction and Development (EBRD) has made USD 110m (~€98m) available to Akbank, one of Turkey’s largest banks, for companies investing in renewable energy.
The funding is part of the EBRD strategy to assist in meeting Turkey’s increasing demand for electricity and promoting options other than harmful and expensive imported fuel.
The EBRD funds – which are supported by the Turkish Ministry of Energy and Natural Resources and a €1.9m grant from the European Union – will benefit renewable energy and resource efficiency projects in Turkey including solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency as well as water saving and waste minimisation.
So far 47 projects have been financed through seven Turkish banks, helping to build over 800 megawatts (MW) of additional renewable energy capacity.
The EU supports the programme with a combined €6.8m grant, which enables the EBRD to provide advice to partner banks and their clients, according to a statement by the EBRD.
‘The bank is also working closely with the Turkish Ministry of Energy and Natural Resources,’ the statement continues, ‘and has helped develop the country’s first National Renewable Energy Action Plan to attract more investment in renewable energy projects. It has also supported the preparation of a National Energy Efficiency Action Plan, which is expected to include a wide range of sector-based resource efficiency measures aimed at achieving Turkey’s 2023 energy efficiency targets.’
EBRD has invested over €7bn in Turkey to date since 2009, operating from offices in Gaziantep, Istanbul and the capital Ankara.
