- EBRD is extending a financing amount of up to $100 million for 203 MW renewable energy capacity in Turkey
- It will be provided to APEY to bring it online as 150 MW solar and 53 MW wind energy capacity
- APEY plans to grid connect this capacity over the next 3 years; once online it will generate around 438,000 GWh annually
The European Bank for Reconstruction and Development (EBRD) has approved a loan of up to $100 million to support Turkish energy company Adnan Polat Enerji Yatirimi AS (APEY) deploy 150 MW solar power and 53 MW wind energy capacity in Turkey.
APEY plans to develop this 203 MW renewable energy capacity over the next 3 years. Once online, it is expected to generate 438,000 GWh electricity annually to help prevent close to 154,000 tons of carbon emissions annually from the Turkish grid.
The company has an installed capacity of 695 MW through its 2 subsidiaries namely Erguvan RES (110 MW) and Polat Enerji (585 MW). The latter counts EDF Renewables as one of its shareholders.
“Through this loan, APEY will further strengthen its position in the clean energy sector, lower carbon emissions and play a more active role in securing sustainable energy resources for our country,” stated Polat Holding and private equity investment fund Maxis from the Is Group that shares ownership in APEY with Polat Holding.
EBRD says its $100 million financing is part of a financing package jointly provided by Turkiye Is Bankasi, Turkiye Sinai Kalkinma (TSKB) and Garanti BBVA.
This isn’t the 1st investment in Turkish renewable energy space for the bank. In February 2021 it approved €40 million loan for lease receivables company Is Finansal Kiralama to on-lend eligible companies to finance investments in resource efficiency and small scale renewable energy projects in Turkey (see €40 Million From EBRD To Back Green Investments In Turkey).