EBRD to back renewable energy in Turkey with USD-85m loan

Turkish bank Turkiye Sinai Kalkinma Bankasi AS (IST:TSKB), or TSKB, will receive a USD-85-million (EUR 71.5m) loan from the European Bank for Reconstruction and Development (EBRD) to support investment in renewable energy and resource efficiency projects.

The funds will be provided to private mid-cap companies and will go for solar, hydropower, wind, geothermal, waste-to-power and energy efficiency projects. Water saving and waste minimisation schemes will also benefit from the financing, the EBRD said on Wednesday.

The funding comes under the EBRD’s EUR-1.6-billion Mid-size Sustainable Energy Financing Facility (MidSEFF), which has supported the installation of more than 1 GW of renewable energy capacity. The current phase of MidSEFF is backed by the European Union (EU) with EUR 2.2 million in grant funding, the EBRD noted.

The EBRD has provided more than EUR 9.5 billion for projects in Turkey. Almost half of the projects it supports there are in the field of sustainable energy. Earlier this month, the EBRD said it is providing USD 55 million to Turkey’s Isbank (ISATR:IST), or İşbank, for small-scale renewable energy and resource efficiency projects.

(USD 1.0 = EUR 0.841)

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