Serekbank will utilize this loan to help Turkish private households, homeowners, small and medium-sized enterprises to reduce their energy costs and consumption and reduce CO2 emissions.
Sekerbank will use the proceeds of the GGF loan to finance such projects as: improvements to renovating and insulating buildings, improvements to heating and lighting systems, conversion to natural gas, and small scale use of renewable energy.
It is expected that through this loan GGF will finance about 2,500 projects in Turkey, which is anticipated to save energy and CO2.
This is the first loan GGF has made since its inception in December 2009. By 2014, the Fund expects to invest nearly EUR400m in financial institutions and renewable energy projects in its target region. Energy efficiency and renewable energy finance in the region is in its early stages and the company sees opportunity for growth in this sector.
Zeki Onder, executive vice president of Sekerbank, said: “Sekerbank pioneered energy efficiency finance in Turkey. This cooperation with GGF will support our unique and successful energy efficiency loan product called “EkoKredi” with an already outstanding portfolio of EUR80m.
“This innovative product was launched in May 2009 and later won the ‘Product of the Year’ award in the retail category due to its financial success with its favourable terms as well as the environmental awareness it created across the board in individuals, SMEs and corporate.”
