EBRD announces financing of US$102 million for 85MW PV pipeline in Turkey

Facebook
Twitter
LinkedIn
Reddit
Email
This funding will be used to develop four new wind farms and nine PV projects with a combined capacity of 327MW. Image: EBRD

The European Bank for Reconstruction and Development (EBRD) is set to provide a financing package of up to US$102 million to the renewable energy subsidiary of Turkish conglomerate Akfen Holding.

This funding will be used to develop four new wind farms and nine PV projects with a combined capacity of 327MW.

The EBRD and the IFC, a private sector arm of the World Bank, are both minority shareholders in Akfen Renewables with a 15.98% percent stake, respectively.

For the development of the nine PV projects that will be located across Turkey, the EBRD is set to lend up to US$52 million. The combined capacity of the new solar PV plants will be 85MW.

Kayrıl Karabeyoğlu, CEO of Akfen Renewables, said: “With the projects that we will realise, we are taking firm steps towards our aim to reach a total installed capacity of 1000MW 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.”

Arvid Tuerkner, EBRD managing director in Turkey, added: “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.”

29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

December 1, 2021
Enefit Green, the renewables subsidiary of Estonian state-owned utility Eesti Energia, is looking to procure up to 500MW of solar modules in the next three years.
November 15, 2021
A 1.35GW solar project in Turkey, said to the country’s largest, has received a US$291 million financing deal from the UK government to help proceed.
October 4, 2021
Turkey has published details of an upcoming solar tender that aims to procure power from 76 projects with a combined capacity of 1.5GW.
PV Tech Premium
May 21, 2021
Making room for solar installations is one of the industry's greatest challenges in Europe as countries seek to meet their net-zero targets. Edith Hancock explores the ways developers and trade associations are fitting new capacity where they can.
April 6, 2021
A 12.9MW floating PV plant is set to be deployed at a hydropower reservoir in Albania thanks to a loan provided by the European Bank for Reconstruction and Development (EBRD).
May 27, 2020
New stats show Turkish solar has swiftly boomed to 6GW despite the national chaos after the 2016 coup attempt. Can the country continue to dodge volatility as it vies to become a 1GW-a-year PV market via a mix of large-scale and net-metering policies? José Rojo investigates

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event