The European Bank for Reconstruction and Development (EBRD) is extending up to $100 million in financing to Adnan Polat Enerji Yatırımı (APEY) as part of a financing package jointly provided by İş Bankası, Türkiye Sinai Kalkinma Bankasi (TSKB) and Garanti BBVA.
The new EBRD loan will help APEY to develop a further 203 MW in renewable energy capacity in the next three years.
The investment aims to provide a fresh boost to the renewable energy sector in Türkiye, the development bank said in a statement.
APEY is one of the sector’s prominent players in Türkiye with a total installed capacity of 695 MW under two subsidiaries, Erguvan RES (110 MW) and Polat Enerji (585 MW).
Maxis, an İş Group private equity investment fund, shares ownership in APEY with Polat Holding.
“The expansion includes 53 MW in wind and 150 MW in solar capacities, which will prevent the emission of approximately 154,000 tonnes of CO2 each year from the Turkish power system by generating 438,000 GWh of electricity per year,” the statement added.
Türkiye has immense potential in renewable resources, and the EBRD continues to support the country in advancing its green agenda and meeting its commitments under the Paris Agreement, said Aida Sitdikova, EBRD Director of Energy Eurasia MEA
A joint statement from Polat Holding and Maxis highlighted their common goal of supporting the country’s transition to clean energy: “We established a joint partnership in APEY last year to contribute to the renewable energy sector in Türkiye and to the country’s economic growth. 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.”
The EBRD has invested more than 16.5 billion euros in 378 projects in the country since 2009, with the overwhelming majority of those projects being in the private sector.