The European Bank for Reconstruction and Development (EBRD) is providing Isbank, Turkey’s largest private bank, with $55 million in financing to support small-scale renewable energy and resource efficiency projects in the country, the Bank announced on Thursday.
The funds are extended under the EBRD’s renewed Turkey Sustainable Energy Financing Facility (TurSEFF), a framework originally aimed at financing small and medium-sized enterprises (SMEs) seeking to enhance their energy efficiency and invest in renewable energy.
The current financing to Isbank comes under the third phase of the framework which includes €400 million in financing from the EBRD and a €5.5 million grant from the EU. In addition to banks, it will also provide funds to leasing companies and for municipal projects.
In the previous stages of the TurSEFF framework, €600 million was provided by the EBRD, the European Investment Bank and the Japan Bank for International Cooperation to Turkish partner banks for industrial energy efficiency projects, financing for vendors and producers of qualifying green equipment and small-scale renewable investments such as solar PV, biomass and biogas.
“Almost half of our projects in Turkey promote the use of sustainable energy and it will remain a priority," Arvid Tuerkner, EBRD managing director for Turkey, was quoted as saying.
Tuerkner asserted that Isbank is a long-standing partner of the EBRD, adding it has been instrumental in expanding access to finance for those willing to invest in renewable energy and improve resource efficiency.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr
