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The US Government’s development finance institution, the Overseas Private Investment Corporation (OPIC), has given its approval to provide US$250 million in financing in order to support investment in renewable energy, energy efficient projects and SMEs in Turkey.

OPICS’s loan will help support the US Department of Energy’s (DOE) Near Zero Zone (NZZ) by assisting NZZ enterprises looking to finance energy efficiency improvements. Further, it will help Turkey meet its goal of making renewable energy-generated electricity 30% of its total portfolio by 2023.

Akbank, a Turkish bank, plans to use the OPIC financing to expand its loan portfolio in renewable energy and energy efficiency investments.  “Akbank is one of the first financial institutions in Turkey to develop tailored products for specific areas including renewable energy and energy efficiency. As the leading bank for both SMEs and renewable energy funding in Turkey, we are happy to secure a new facility for all our clients with a goal of supporting investments in these areas. The investments funded through the program will not only lead to more competitive SMEs, but also inspire the use of clean energy resources. Furthermore, as Akbank, we are proud to have partnered with a prestigious organization like OPIC on these grounds,” said Hülya Kefeli, executive vice president of Akbank’s International Banking Division.