The European Bank for Reconstruction and Development (EBRD) is “very proud” of its close co-operation with Turkey’s Akfen Holding, Jean-Patrick Marquet, director of EBRD operations in Turkey, said.
The EBRD and the International Finance Corporation (IFC) each acquired a 16.67 per cent stake in Akfen Renewable Energy (AkfenRE), a subsidiary of Turkey’s Akfen Holding, in 2015 and 2016 respectively. The investment is set to increase AkfenRE’s renewable energy portfolio to 1,000 megawatts (MW) from the present operational capacity of approximately 210 MW.
“Buying shares in successful Turkish companies is among the tools we use to help these companies grow. We are always looking for opportunities, including in the energy sector,” Marquet told Anadolu Agency.
AkfenRe has a portfolio of renewable projects, ranging from operational hydro and solar power plants to several wind, solar and hydro projects under development. Akfen Holding’s interests range from construction to energy.
“Our joint capital injection of $200 million will help the company become one of the largest producers of renewable energy in Turkey,” Marquet said.
Foreign current investments in sustainable energy equipment manufacturing in Turkey will also reduce equipment costs and help bring international expertise to the manufacturing sector, he said, adding that General Electric, Siemens, Vestas, and Atlas Copco are among the companies who carried out such investments in Turkey.
“In Turkey’s energy market, foreign investors tend to team up under a joint venture with local players who know the regional market well,” Marquet explained.
Marquet gave the example of one of the bank’s clients, EnBW, a strong German company that has teamed up with Borusan under a joint venture, to strengthen its energy portfolio in clean energy in Turkey.
The Czech CEZ Group, Riyadh-based ACWA, German RWE and Paris-based EDF are also some of the investors coming to Turkey to develop projects.
By Sibel Akbay
Anadolu Agency
sibel.akbay@aa.com.tr