EBRD - In response to growing demand, the European Bank for Reconstruction and Development (EBRD) is expanding its support for sustainable energy financing in Turkey with an additional EUR 500 million, the bank announced at a high-level conference it organized in Istanbul.
Under the Mid-size Sustainable Energy Financing Facility (MidSEFF), now totaling EUR 1.5 billion, funds are provided to Turkish banks in the form of loans and capital market instruments for on-lending to private sector companies.
The financing – supported by the European Union and the Turkish Ministry of Energy and Natural Resources – 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 minimization projects.
Investing in sustainable energy is a strategic priority for the EBRD in Turkey, as the country is working to meet growing demand for electricity and aims to diversify away from expensive imported fuel. Almost half of the bank’s total portfolio in Turkey is in sustainable energy and since 2009 the EBRD has invested about EUR 3 billion in over 70 such projects, including Bares and Roto, two of the country’s largest wind farms, and Efeler, the largest geothermal power plant in Turkey and the second largest in Europe.
The EBRD is a leading investor in Turkey and currently operates from offices in Istanbul, Ankara and Gaziantep. To date, it has invested more than EUR 7 billion in the country through 180 projects in infrastructure, energy, agribusiness, industry and finance.
In 2015, Turkey was the top destination for EBRD financing, with EUR 1.9 billion invested that year alone. The country aims to have nearly one-third of its installed power generated from renewable energy resources by 2023, the centennial of the Republic.