EBRD loans Turkey EUR 25 mn to support green business

Turkey gets a EUR 25 mn loan to finance renewable energy projects courtesy of the EBRD: The European Bank for Reconstruction and Development (EBRD) has extended a USD 25 mn loan to Turkish leasing firm Garanti Finansal Kiralama for on-lending to green businesses, according to a statement. The loan falls under the umbrella of EBRD’s EUR 500 mn Green Economy Financing Facility for Turkey (GEFF).

The details: Garanti will use the funds to on-lend to companies launching micro energy efficiency, renewables, and climate resilience projects in the country. The facility will also lend financing to female entrepreneurs with green investment plans, the statement notes.

Garanti has received funds from EBRD before: The multilateral lender provided the leasing company with a EUR 50 mn loan in 2018 to on-lend to energy efficiency SME projects in the country under its EUR 400 mn Turkey Sustainable Energy Financing Facility.

And EBRD has recently boosted Turkey’s renewables with other loans: The bank provided a EUR 50 mn on-lending facility to Turkish leasing company Yapi Kredi in September to support renewables and energy saving projects. More recently, Turkey’s Galata Wind got a USD 45 mn loan from the bank to finance up to 50 MW of capacity expansions in two wind power plant projects in Mersin and Balikesir.

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