Akfen Renewables secures $52 million for 85 MW of PV in Turkey

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Turkish renewable energy project developer, Akfen Yenilenebilir Enerji (Akfen Renewables) has been awarded a €102 million loan by the European Bank for Reconstruction and Development (EBRD) for a wind and solar power plant portfolio it is developing in Turkey.

Of this sum, €52 million will be used for the construction of nine new solar PV plants with a combined power of 85 MW across five unspecified locations in Turkey, the EBRD said in its statement.

“Our new financing supports Akfen Holding’s ambition to become one of the largest producers of renewable energy in the country,” said Harry Boyd-Carpenter, EBRD Director, Head of Power and Energy Utilities. Afken is targeting to deploy 1 GW of renewable energy power generation capacity by 2020.

EBRD and the International Finance Corporation (IFC), which is part of the World Bank, acquired each a 15.9% stake in Afken Renewables in July. The company is a unit of Turkey’s infrastructure group Akfen Holding.

The Turkish government has recently authorized foreign-currency loans for already approved unlicensed PV projects in an effort to support the solar market under current volatility of the Turkish Lira.