June 22 (Renewables Now) - Proparco, the private sector financing arm of the French Development Agency (Agence Francaise de Developpement, AFD), on Wednesday said it has provided a EUR-25-million loan (USD 29.2m) to finance renewable energy projects in Turkey.
The credit facility has been extended to Turkish private bank Yapi ve Kredi Bankasi AS (IST:YKBNK), which Proparco said is one of the leading institutions in the financing of renewable initiatives in the country.
The financing will be dedicated to renewable energy projects, supporting renewable energy investments in the Turkey and the country's goal of increasing the share of renewables in its energy mix.
This is the first time Proparco has partnered with Yapı Kredi. The loan agreement was signed as Proparco marked its 40th anniversary in the region at an event in Istanbul on June 20.
(EUR 1 = USD 1.167)