Akbank renewable energy projects in Turkey
As part of the EBRD’s strategy to help Turkey meet a growing demand for electricity and diversify away from expensive imported fuel, while addressing climate change, in 2016 the Bank extended US$ 110 million in new funds to Turkish lender Akbank to finance private companies investing in renewable energy and resource efficiency projects in the country.
The financing – supported by the Turkish Ministry of Energy and Natural Resources and a €1.9 million grant from the European Union – will benefit renewable energy and resource efficiency projects in Turkey including solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency as well as water saving and waste minimisation projects.
Akbank has a strong track record of on-lending MidSEFF funds. Last year it received US$ 110 million in financing in addition to US$ 100 million in 2011. So far, Akbank has successfully allocated these funds to industrial energy efficiency measures, as well as hydropower, wind and waste-to-energy projects.