The European Bank for Reconstruction and Development (EBRD) has approved €40 million ($48 million) loan for Turkish lease receivables company Is Finansal Kiralama A.S. (Is Leasing) to on-lend to eligible companies to finance investments in resource efficiency and small-scale renewable energy projects in Turkey.
The bank has extended the loan under the Turkish Sustainable Energy Financing Facility (TurSEFF) backed by the European Union (EU) and funds from the Republic of Turkey's Ministry of Treasury and Finance that has enabled installation of 582 MW of renewable energy capacity in the country since 2010 when it was launched.
EBRD says the €40 million loan will help strengthen the financial sector in the country while contributing to more rapid increase in the use of leasing which is a viable alternative to debt financing. At the same time, it will broaden access to climate finance for local enterprises.
In June 2020, EBRD solicited bids to hire a consultant to conduct feasibility study into 15 MW solar PV capacity development for Gaziantep Metropolitan Municipality (see EBRD Seeking Consultant For 15 MW PV In Turkey).
According to recent local media reports, Turkey installed 4.8 GW of renewable energy capacity in 2020 including 672 MW of solar power (see Turkey Installed 4.8 GW Renewable Energy In 2020).