The European Bank for Reconstruction and Development (EBRD) is set to offer €400m in new financing for small-scale renewable energy and resource efficiency projects in Turkey.
The new financing will benefit renewable energy and resource efficiency projects in Turkey including solar, hydropower, wind, geothermal, waste-to-energy, and energy efficiency, as well as water saving and waste minimisation projects.
The new round of financing will be offered under EBRD’s Turkey Sustainable Energy Financing Facility (TurSEFF), which has been extended for the second time to meet growing demand.
TurSEFF is a dedicated finance facility aimed at expanding finance for private companies willing to enhance their resource efficiency. It was launched in 2010 and has since been financed for more than 860 projects through five local banks.
Since 2009, EBRD has invested more than €8bn in Turkey, which was used for around 200 projects in infrastructure, energy, agribusiness, industry, and finance.
To promote the use of sustainable energy, the bank has invested more than €3bn since 2009 in 75 such projects, including two of Turkey’s largest windfarms and its largest geothermal power plant.
Of the bank’s total investments in the country, 98% is in the private sector. EBRD has supported the development of Turkey’s first National Renewable Energy Action Plan to attract more investments in renewable energy projects.
It has also supported the preparation of a National Energy Efficiency Action Plan, which includes several sector-based resource efficiency measures aimed at achieving Turkey’s 2023 energy efficiency targets.
Image: EBRD to offer new round of financing for small-scale renewable energy and resource efficiency projects in Turkey. Photo: courtesy of European Bank for Reconstruction and Development.