April 20 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is considering providing a senior loan of up to USD 55 million (EUR 44.6m) to Akfen Yenilenebilir Enerji AS for a 85-MW solar project in Turkey.
The long-term financing will support the construction of photovoltaic (PV) plants in the Turkish provinces of Konya, Amasya, Tokat, Van and Malatya, according to information on EBRD's website. The total cost of the project, which has already passed concept review, is estimated at USD 181 million.
Applicants for the loan are six special purpose vehicles set up to develop, construct and operate the particular solar farms. The companies are owned by Akfen Yenilenebilir, which is part of Turkish conglomerate Akfen Holding AS (IST:AKFEN). The financing will be provided alongside a USD-55-million loan from Turkiye Is Bankasi AS (IST:ISCTR), EBRD said.
The projects are in line with Turkey’s goal to add 27 GW of non-hydro renewable power capacity by 2023, around 5 GW of which will be solar.
(USD 1.0 = EUR 0.810)