EBRD-led trio supports Turkish grid upgrade with USD-330m package

Source: EBRD.

June 4 (Renewables Now) - A trio of lenders will provide a USD-330-million (EUR 282m) financing package to Turkish power distributor Osmangazi Elektrik Dagitim AS (OEDA) so it could invest in the electricity distribution network of the Osmangazi region in western Anatolia.

Specifically, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and Dutch development bank FMO are lending the Turkish lira equivalent of the above-mentioned sum, with EBRD providing USD 100 million, IFC adding USD 80 million and FMO contributing USD 65 million.

OEDAS, which is the electricity distribution company of the Osmangazi region and is owned by Zorlu Enerji, will use the funds to upgrade, modernise and expand the local network that serves some 2.7 million people. The project will allow for the connection of increased solar power generating capacity, according to the announcement by the EBRD.

The planned investments are part of a five-year capital expenditure programme required by Turkey's Energy Market Regulatory Authority, covering the period between 2016 and 2020.

(USD 1.0 = EUR 0.854)

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