December 26 (Renewables Now) - Turkish lender Turkiye Garanti Bankasi AS (IST:GARAN), better known as Garanti BBVA, has issued a five-year USD-50-million (EUR 45.1m) green bond to support renewable energy and climate-friendly projects.
The green bond represents the first such issuance for the Turkey-based unit of Spain’s Banco Bilbao Vizcaya Argentaria SA (BME:BBVA) under the BBVA group’s sustainable bond programme. BBVA said its programme complies with the Green Bond Principles (GBP) as certified by an unnamed international agency.
Garanti BBVA provides financing for renewables in Turkey, particularly wind power projects. It has introduced a new loan structure aimed at stimulating environmental and social sustainability. One example is this year’s loan to Turkish wind power company Polat Enerji for the construction of a 48-MW wind farm, which is tied to the company’s gender equality efforts. The company will enjoy better terms for the loan when it achieves further improvement.
(USD 1.0 = EUR 0.901)