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 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.

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By GlobalData

“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.