Thursday 8 December 2016

New €400m financing for Turkish green energy

A London-based bank is to provide €400 million (£340.2m) of financing to support Turkish green energy projects.

The European Bank for Reconstruction and Development (EBRD) will provide the money through the third round of its Turkey Sustainable Energy Financing Facility (TurSEFF).

It previously only helped small and medium-sized enterprises (SMEs) improve their energy and resource efficiency but for the first time has extended its recipients to include municipal projects and leasing companies.

Around €600 million (£510.4m) has already been provided by the EBRD, the European Investment Bank (EIB) and the Japan Bank for International Co-operation.

Terry McCallion, EBRD Director for Energy Efficiency and Climate Change, said: "TurSEFF is also a unique facility as an incubator of partnerships among IFIs, local partner banks, the Clean Technology Fund (CTF), the European Union (EU), as well as experts in green financing in order to achieve financially beneficial environmental impact."

Since 2010, more than 860 sustainable projects have been financed through six Turkish banks.

The EBRD also finances projects through its Mid-size Sustainable Energy Financing Facility (MidSEFF).