EBRD buys stake in Turkish green energy firm for USD 100m

The European Bank for Reconstruction and Development (EBRD) today said it paid USD 100 million (EUR 91.5m) to acquire a 20% stake in the renewable energy subsidiary of Akfen Holding, one of the leading infrastructure groups in Turkey.

Akfen Yenilenebilir Enerji (Akfen Renewable Energy or AkfenRE) has a portfolio of renewable projects, including operational hydro and solar power plants and several wind, solar and hydro projects under development, with a total operational capacity of 210 MW.

EBRD's first direct equity investment in Turkey’s power sector will help AkfenRE to almost triple the size of its renewable portfolio to over 500 MW of installed capacity and to become one of the largest producers of renewable energy in Turkey, the bank said in a statement.

Turkey is currently working to meet growing domestic demand for electricity and the country aims to add 34 GW of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1 GW of biomass and 1 GW of geothermal to its energy mix by 2023.

EBRD has so far invested almost EUR 2.8 billion in sustainable energy projects, including two of the country’s largest wind farms – Bares and Rotor – and the largest geothermal power plant in Turkey, which is also the second largest in Europe, EFELER GPP.

(USD 1 = EUR 0.907)

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