London-based bank buys stake in green energy firm

The European Bank for Reconstruction and Development (EBRD) has bought a 20% stake in a renewable energy company in Turkey. It is investing $100 million (£66m) to boost the country’s […]

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By Jacqueline Echevarria

The European Bank for Reconstruction and Development (EBRD) has bought a 20% stake in a renewable energy company in Turkey.

It is investing $100 million (£66m) to boost the country’s green energy sector.

The funding will help Afken Renewable Energy, a subsidiary of Afken Holding, add 210MW of wind, solar and hydro capacity.

The EBRD claims that will increase the company’s portfolio to more than 500MW and help it become one of the largest producers of renewable energy in Turkey.

Nandita Parshad, EBRD Director for Power and Energy Utilities said: “We are pleased to enter into a strategic partnership with Akfen to scale up the development of renewable sources of energy in Turkey.

“Turkey has set itself ambitious targets. We will be part of the solution.”