Turkish delight as $55m of green funding is secured

A London-based bank is providing $55 million (£45m) to finance renewable energy and resource efficiency projects in Turkey. The European Bank for Reconstruction and Development (EBRD) is giving the money […]

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By Jonny Bairstow

A London-based bank is providing $55 million (£45m) to finance renewable energy and resource efficiency projects in Turkey.

The European Bank for Reconstruction and Development (EBRD) is giving the money to Turkish lender Isbank, which will provide loans to private investors and help the nation meet its growing demand for electricity in a sustainable way.

Supported by a €1.9 million (£1.7m) EU grant, the financing will help build a wide range of renewable projects, including solar, hydropower, wind, energy efficiency technologies and more.

The investment comes under the EBRD’s Mid-size Sustainable Energy Financing Facility (MidSEFF), which totals €1.5 billion (£1.35bn). So far it has helped install more than 900MW of renewable energy capacity in Turkey.

Ișbank is the largest private lender in Turkey and a long-standing partner of the EBRD.

Noel Edison, Director of Financial Institutions at the EBRD, said: “The response to the previous round of financing we offered to Ișbank under our MidSEFF programme was impressive. The lender has financed nine projects, helping to create over 200MW in additional renewable capacity and its pipeline for further successful investments by Turkish corporates remains strong.”

Since 2009 the EBRD has invested over €3 billion (£2.69m) in more than 75 sustainable projects, including two large wind farms and the largest geothermal power plant in Turkey.

Renewable energy and the effects of Brexit will be part of the discussions at the Energy Live 2016 conference in London on the 3rd of November. There are limited free tickets for energy end users and university students.