$180m to boost renewable energy in Turkey

Two Turkish banks are receiving $180 million (£113.4m) to boost the renewable sector in the country. The cash will finance green projects implemented by private companies each worth between €10 million (£6.9m) and […]

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By Jacqueline Echevarria

Two Turkish banks are receiving $180 million (£113.4m) to boost the renewable sector in the country.

The cash will finance green projects implemented by private companies each worth between €10 million (£6.9m) and €40 million (£27.6m).

The fund is part of the European Bank for Reconstruction and Development’s (EBRD) €1 billion (£0.69m) to support sustainable energy in Turkey.

Sylvia Gansser-Potts, EBRD Director for Financial Institutions in Turkey and southern and eastern Mediterranean said: “This new financing builds on the fruitful co-operation the EBRD has established with Garanti and Yapi Kredi in recent years.

“Demand for renewable energy finance in Turkey remains high and both lenders have a strong pipeline for many successful investments in the sector.”

The ERBD claims it has so far financed 42 projects through seven Turkish banks, creating more than 700MW in additional renewable capacity.