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September 14, 2018

EBRD offers $102m finance package to Turkey’s Akfen Renewables

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a financing package of up to $102m to Turkish firm Akfen Renewables.

The European Bank for Reconstruction and Development (EBRD) has agreed to provide a financing package of up to $102m to Turkish firm Akfen Renewables.

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The funds will be used by Akfen Renewables to construct four new wind farms and nine solar photovoltaic (PV) plants, with a combined capacity of 327MW.

EBRD and the IFC, a private sector arm of the World Bank (WB), hold a minority stake of 15.98% each in the company.

"Once operational, the wind farms are expected to save around 340,000t of greenhouse gas emissions annually."

Akfen Renewables will invest $50m in the four wind farms, namely Ucpinar (99MW), Kocalar (26MW) and Hasanoba (51MW) in Çanakkale, and Denizli (66MW). The wind farms will have a combined capacity of 242MW.

Once operational, the wind farms are expected to save around 340,000t of greenhouse gas emissions annually.

Akfen Renewables CEO Kayrıl Karabeyoğlu said: “With the projects that we will realise, we are taking firm steps towards our aim to reach a total installed capacity of 1,000MW in clean energy generation by 2020.

“We will continue to make new investments and potential acquisitions, especially in the wind power sector, in the forthcoming period.”

Akfen will invest up to $52m in the nine new solar photovoltaic plants, with combined capacity of 85MW, in five locations across Turkey.

EBRD Turkey managing director Arvid Tuerkner said: “Renewable energy remains an attractive investment in Turkey.

“Our new financing supports Akfen Holding’s ambition to become one of the largest producers of renewable energy in the country. It is yet another boost to the sector as Turkey is switching to domestically sourced power generation.”

The new financing demonstrates the EBRD’s commitment to the Turkish economy and confidence in the fundamental momentum behind the global shift to renewable energy.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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