The European Bank for Reconstruction and Development (EBRD) is providing up to US$100 million in financing to support the development of 150MW of solar in Turkey.
As part of a package jointly provided by three Turkish banks, the loan is for Adnan Polat Enerji Yatirimi (APEY), a Turkish renewables investor that has an installed power capacity of 695MW.
As well as the 150MW of solar, the funds will support APEY with the development of 53MW of wind in the next three years.
“We are delighted to work with a renowned and experienced renewable energy investor to speed up the transition to clean energy in Turkey. Turkey has an immense potential in renewable resources,” said Aida Sitdikova, EBRD director of energy Eurasia MEA.
The news comes after the 1.35GW Karapinar solar project in Turkey secured a US$291 million financing package last year from the UK government to help it proceed.
The EBRD also recently provided financing for a 230MW PV plant in Azerbaijan and a 70MW solar install in Kosovo.