6/30/2016

IFC to invest in Akfen Energy

Dunya - International Finance Corporation (IFC), a member of the World Bank Group, announced on June 24, 2016, that the corporation is investing USD 100 million in Akfen Energy to acquire a 16.67 percent stake in the company. Akfen Energy has total capacity of 211 MW and plans to build new renewable plants through this equity investment. Chairman of Akfen Holding Hamdi Akın stated that IFC’s contribution will provide strong support to Akfen Energy’s aim to become a leading player in the renewable sector.

 

IFC’s investment will support Turkey’s efforts to increase the share of renewables in the energy sector to 30 percent by 2023 and will reduce Turkey’s reliance on fossil fuels. The corporation so far made three equity investments in Turkey, reaching a total investment size of USD 695 million.

 

IFC has invested in several projects of Akfen Group, including the Mersin International Port Eurobond issue and the construction of TAV Tbilisi Airport. When the procedures are finished, IFC is expected to assign a board member to Akfen Energy as well.

IFC; investment; Akfen; energy; Turkey

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