EBRD providing USD 55m for renewables in Turkey

The European Bank for Reconstruction and Development (EBRD) is providing USD 55 million (EUR 46.7m) to Turkish lender Isbank (ISATR:IST), or İşbank, for small-scale renewable energy and resource efficiency projects.

The financing is being extended through an investment in A-rated senior notes issued under Isbank’s diversified payment rights (DPR) securitisation programme. The funds will be disbursed among banks, leasing companies and for municipal projects, the EBRD said last week.

The funds are coming under the EBRD’s renewed Turkey Sustainable Energy Financing Facility (TurSEFF), under which Turkish banks have already obtained EUR 600 million in financing for industrial energy efficiency, green quipment manufacturing and small-scale renewable energy projects such as solar, biomass and biogas.

The EBRD has provided more than EUR 9.5 billion in funds for projects in Turkey, the lender noted.

(EUR 1.0 = USD 0.850)

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