Thursday, February 11, 2016

Turkey: European Bank Increases Investment in Renewable Energy

EBRD scales up sustainable energy financing in Turkey (News Release)

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 €500 million, the Bank has announced at a high-level conference organised by the EBRD in Istanbul today.

Under the Mid-size Sustainable Energy Financing Facility (MidSEFF), now totaling €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 €3 billion in over 70 such projects, including the largest geothermal power plant in Turkey (and second largest in Europe), Efeler.