The European Bank for Reconstruction and Development (EBRD) has allocated financing for up to US$55 million to help pay for the construction of a 85MW PV portfolio owned by Akfen Yenilenebilir Enerji A.S. in Turkey.
The PV projects in the portfolio are located in the Turkish provinces of Konya, Amasya, Tokat, Van and Malatya.
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The solar portfolio will be developed under the Renewables Energy Resources Support Mechanism (YEKDEM) set down by the Turkish government , which offers feed-in tariffs to projects in order to spur growth in private investments within the sector.
In total, the 85MW Project is expected to cost around US$181 million.
Once completed, the project will contribute to Turkey’s goal of installing around 27GW of non-hydro renewable generation capacity by 2023. Of that total, about 5GW is expected to be from PV sources.