Biomass

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

Published

July 11, 2016

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

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.

Image via vectoropenstock.com, for CleanTechnica.com

Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

EV Obsession Daily!

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it!! So, we've decided to completely nix paywalls here at CleanTechnica. But...

Like other media companies, we need reader support! If you support us, please chip in a bit monthly to help our team write, edit, and publish 15 cleantech stories a day!

Thank you!