Akfen Yenilenebilir Enerji is the renewable energy arm of Akfen Holdings in Turkey working on wind, solar and hydro power plants in the country. It aims to have 1 GW of clean energy generation capacity by 2020. The 327 MW capacity that was granted financing from EBRD is a step in this direction. (Photo Credit: EBRD)
- EBRD has approved financing package of up to $102 million to Turkish renewable energy developer Akfen Yenilenebilir Enerji
- Akfen will use $50 million out of this facility for its 242 MW wind farm capacity and remaining $52 million for solar power plants portfolio of 85 MW
- Both EBRD and the World Bank’s IFC are minority stake holders in the Turkish company with 15.98% share each
- Akfen aims to have 1 GW of clean energy generation capacity by 2020
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The European Bank for Reconstruction and Development (EBRD) has approved a financing package of up to $102 million for 327 MW of new wind and solar power capacity in Turkey. Akfen Holdings, through its renewable energy arm Akfen Yenilenebilir Enerji,will invest this money to develop 4 wind farms and 9 solar PV plants. EBRD and the International Finance Corporation (IFC) are minority shareholders in the company with 15.98% stake each.
Akfen aims to have 1 GW of clean energy generation capacity by 2020.
The solar power plants comprise 85 MW of total capacity that will get $52 million from the EBRD package; the other $50 million will be spent on wind farms of 242 MW combined capacity.
“We are delighted to support Akfen in these important projects. Their size and the speed of their implementation highlight the scale of the energy transition which is bringing secure, clean and affordable energy to Turkey,” said EBRD Director and Head of Power and Energy Utilities, Harry Boyd-Carpenter.
EBRD had been considering financing these projects for some time now. Back in April 2018, the plan was to support development of 85 MW PV by Akfen with senior debt financing from EBRD of $55 million, with a parallel loan of equal amount from local Turkish bank, Turkiye Is Bankasi A.S. (see EBRD Considers Loan For 85 MW In Turkey).