The European Bank for Reconstruction and Development (EBRD) has provided around $9m in financing for a Turkish manufacturer – Sinbo - to reduce its energy consumption.
This funding has been made under EBRD’s Turkish Sustainable Energy Financing Facility (TurSEFF).
Sinbo noted that the financing has been employed in the upgradation of equipment and cooling systems, replacement of old motors and lighting, construction of a new warehouse and the company has insulated its factory in Avcilar, outside Istanbul.
Meanwhile, Turkey imports 70% of its energy needs, and consumption is anticipated to be doubled over the next 10 years. The $285m TurSEFF is helping address this by providing Turkish banks with funds for on-lending for energy efficiency projects.
Sinbo’s appliances are now made using 12% less energy, following the upgrades.