Akfen Renewable Energy (AkfenRE) will use the EBRD investment to increase its power generation capacity to more than 500MW.
AkfenRE will own a portfolio of renewable projects including hydro, wind and solar power plants, which are operational and under development, with a total operational capacity of 210MW.
Commenting on the deal, Akfen Holding CEO Süha Güçsav said: "Energy investments play a key role for our company’s growth and the EBRD funds will be used to strengthen our activities in the area of renewables.
"We are in the process of developing a balanced portfolio in the medium to long-term with sustainable generation in all segments of the energy sector.
"To achieve this goal we are planning to continue diversifying by investing in hydro, wind and solar projects. The shareholder agreement with the EBRD is one of the main steps for us in this process."
Turkey is planning to add 34GW of hydropower, 20GW of wind energy, 5GW of solar energy, 1GW of biomass and 1GW of geothermal to its energy mix by 2023 to cater the increasing demand for electricity.
The EBRD has so far invested close to €2.8bn in the country’s clean energy projects.
The bank, along with the Turkish Ministry of Energy and Natural Resources, has developed National Energy Efficiency Action Plan to attract investments for renewable energy projects.
In a separate press release, EBRD said it will provide €50m loan to Poland’s Bank Millennium, which will in turn lend the money to the country’s small and medium-sized enterprises (SMEs) for sustainable energy projects.
Image: EBRD investment will support Turkey’s shift to renewable energy. Photo: courtesy of European Bank for Reconstruction and Development.
