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Sekerbank, a pioneer in energy efficiency in Turkey, became the first bank to join the Turkey Residential Energy Efficiency Financing Facility (TuREEFF). In its framework it will receive a $60 million credit line from the EBRD, including $12 million from the Clean Technology Fund, for on-lending to residential sector borrowers and private service providers in the residential sector to improve energy efficiency.
TuREEFF is a combination of long-term funding to Turkish banks and technical advisory package both to banks and home-owners to cut the energy consumption and reduce the household bills. The advisory package is financed by the donors, the European Union and Clean Technology Fund.
Banks are an important tool in channeling investments in energy efficiency and generating sustainable energy projects on a regular basis. Thanks to the banks’ extensive net of branches and offices, they can reach out to mutiple clients, both in the residential and industrial sector.
To reach the necessary multiplification of sustainable energy projects in communities, banks are required to enhance own capacity to understand, assess and process such investments. Therefore, the financial institutions’ openness to new loan products related to energy efficiency and reneable energy is much appreciated. The reward comes from the benefits of sustainable energy projects, which are multiple and extensive both for the financiers and their clients, as well as for the environment.
Zeki Onder, Executive Vice President of Sekerbank said: “As one of our best business partners, the EBRD has been supporting our bank’s unique products over the past years. We are proud to be the first bank to receive a credit line under the EBRD’s new TUREEFF programme. We will continue to successfully finance energy saving investments and the credit line will boost our award-winning EKO Kredi product, particularly for building and residential mass housing projects.”
Michael Davey, EBRD Director for Turkey, said: “At the EBRD we believe that investing in more energy efficient homes delivers high value for money. We encourage households across Turkey to make energy efficiency improvements in their homes. Financing and advice are available via Sekerbank and we expect more local banks to join the programme in the near future.”