In response to growing demand, the European Bank for Reconstruction and Development (EBRD) is expanding its support to Turkey and sustainable energy financing with additional €500 million. This was announced today at a high-level conference in Istanbul organised by the EBRD.
Now totalling €1.5 billion, the funds under the Mid-size Sustainable Energy Financing Facility (MidSEFF), are provided to Turkish participating banks for on-lending to the private sector companies. Financing is provided for renewable energy and resource efficiency projects, including solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency, water saving and waste minimisation projects
The financing is supported by the European Union and the Turkish Ministry of Energy and Natural Resources.
Akbank is the first bank to join this extension of the programme with $110 million in addition to $100 million received in 2011. So far, Akbank has successfully allocated these funds to six eligible projects.