EBRD Backs Clean Energy Fund Targeting Western Balkans, Caucasus, Turkey
The European Bank for Reconstruction and Development (EBRD) said on Friday it is making a 40 million euro ($55 million) equity contribution to establish an equity fund that will expand the capacity of Turkey and neighbouring countries in the Western Balkans and the Caucasus to tap into cleaner energy resources.
The Clean Energy Transition Fund (CETF) will target a size of 200 million euro, the EBRD said in a statement.
The fund will support clean energy projects focusing on hydro, wind, geothermal, biomass and solar power. It will also provide financing for clean generation, energy efficiency equipment and service suppliers.
CETF’S target will be some 10-15 equity investments with individual investment ranging from 5 million to 30 million euro, while at least 70% of its operations will be performed in Turkey, with the remaining 30% in the Western Balkans and the Caucasus.