Europe is set to expand its financial support to Turkey’s renewable energy sector through additional loans under the Mid-size Sustainable Energy Financing Facility Program.
The European Bank for Reconstruction and Development (EBRD) will provide $180 million to two Turkish banks for finance renewable energy projects being developed by private sector project developers. The funds will be provided through Garanti Bank and Yapi ve Kredi Bankasi, and project developers will be provided loans in range of €10 million to €40 million.
EBRD has invested significantly in the Mid-size Sustainable Energy Financing Facility (MidSEFF) program. The program has financed 42 projects to date through 7 Turkish banks and has created over 700 MW in additional renewable capacity.
Almost half of the Bank’s total portfolio in Turkey is in sustainable energy, and since 2009 the EBRD has invested €2.2 billion in almost 60 such projects, including two of the country’s largest wind farms and, most recently, Turkey’s biggest geothermal power plant.
Turkey, earlier this year, announced the National Renewable Energy Action Plan and aims to significantly increase the renewable energy capacity. The country plans have installed capacity of 34 GW of hydroelectric, 20 GW of wind energy, 5 GW of solar PV, 1 GW of geothermal, and 1 GW of biomass.
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