EBRD continues support for renewables in Turkey with EUR 400 million funding

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The EBRD has announced a new €400 million financing package for small-scale renewable energy and resource efficiency projects in Turkey.

The new funds will be allocated to the EBRD’s TurSEFF facility, which until now has been working as a credit line to Turkish banks for on-lending to small and medium-sized enterprises (SMEs) that wish to invest in renewable energy and/or energy efficiency projects.

The new financing “builds on the success of the first two phases of the facility, with €600 million already provided by the EBRD, the European Investment Bank and the Japan Bank for International Cooperation to Turkish partner banks,” wrote an EBRD press release.

However, one substantial change is that the new extension of financing “will include, for the first time, leasing companies in addition to banks and will also be available for municipal projects,” added the EBRD. As a result, TurSEFF is now evolving from its initial focus on SMEs, to begin targeting the corporate and commercial sectors, leasing companies and municipal clients, said Terry McCallion, EBRD Director for Energy Efficiency and Climate Change.

The European Union is also supporting the TurSEFF program with funding for technical assistance, which will enable experts to advise TurSEFF’s partners (e.g. banks, private companies, municipal service providers and others).

Vakifbank is the first bank to receive funds under the newly announced phase of TurSEFF.

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