EBRD to finance €400 million for small-scale Renewable projects in Turkey
The European Bank for Reconstruction and Development (EBRD) has announced that it will offer a new €400m financing package for small-scale renewable energy and resource efficiency projects in Turkey.
The announcement will be made in a Sustainable Energy Excellence Awards Ceremony on 7 December 2016 in Istanbul.
Image: The new financing will benefit renewable energy and resource efficiency projects in Turkey.
Photo courtesy of The European Bank for Reconstruction and Development.
The bank will grant the new funds under its Turkey Sustainable Energy Financing Facility (TurSEFF), which is aimed at expanding finance for private companies interested in enhancing their resource efficiency.
EBRD has expanded the TurSEFF for the second time in order to provide the new financing package for projects in Turkey.
Since its launch in 2010, TurSEFF has financed more than 860 projects through five local banks.
After making its first investment in Turkey in 2009, EBRD has invested over €8bn in the country so far.
The investments were made nearly 200 projects in infrastructure, energy, agribusiness, industry and finance, with 98% of them going into the country’s private sector.
The bank said that almost half of the EBRD’s projects in Turkey promote the use of sustainable energy.
It has invested more than €3bn in more than 75 renewable energy projects, including two of Turkey’s largest wind farms and its largest geothermal power plant.
The bank said: “The EBRD has also helped develop Turkey’s first National Renewable Energy Action Plan to attract more investments in renewable energy projects and has also supported the preparation of a National Energy Efficiency Action Plan which includes a wide range of sector-based resource efficiency measures aimed at achieving Turkey’s 2023 energy efficiency targets.”