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EBRD Grants $110 Million Loan For Renewable Energy Projects In Turkey

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Turkey has received another major financial boost from Europe for development of renewable energy projects.

The European Bank of Reconstruction and Development (EBRD) recently announced that it approved $110 million loan for construction of renewable energy and resource efficiency projects in Turkey. The loan shall be disbursed through Akbank.

EBRD funds are extended through an investment in investment-grade-rated senior USD-denominated notes issued under Akbank’s Diversified Payment Rights (DPR) programme, an established market instrument used by Turkish banks to raise long-term funding in the capital markets.

The financing 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-minimisation projects.

The investment comes under the EBRD’s recently expanded Mid-size Sustainable Energy Financing Facility (MidSEFF), now totalling €1.5 billion. So far, 47 projects have been financed through 7 Turkish banks, helping to build over 800 MW of additional renewable energy capacity.

EBRD also provided $180 million for renewable energy projects in Turkey last year. The funds were disbursed through Garanti Bank and Yapi ve Kredi Bankasi, and project developers will be provided loans in range of €10 million to €40 million.

Last year, Turkey announced the National Renewable Energy Action Plan and aims to significantly increase its renewable energy capacity. The country plans to have an 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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