EBRD financing to expand renewable capacity in Türkiye

The European Bank for Reconstruction and Development (EBRD) is providing a $60 million loan to Türkiye's Borusan EnBW Enerji to finance the development and construction of 116 MW of onshore wind energy capacity in Sivas and Tekirdağ.

Borusan EnBW Enerji, a joint venture company of Borusan Holding and EnBW AG, is one of the leading energy firms in the country, with a portfolio predominantly focused on onshore wind energy.

The firm currently operates 730 MW of renewable installed capacity and will reach an installed capacity of 935 MW once the projects under construction have been finalized.

By generating 382 GWh of renewable energy, the wind power expansions will reduce annual CO2 emissions by 243,000 tons, the EBRD said in a statement.

This exemplary project will not only reduce emissions and increase the country's renewables capacity but also serve as an accelerator for Türkiye's climate goals, commented Aida Sitdikova from the EBRD.

Türkiye has set itself a net-zero target of 2053. To reach net zero, Türkiye needs around $10 billion of financing per year through 2030, including major strides in the renewable energy sector, according to the bank.

Since 2009, the EBRD has invested more than 20 billion euros in Türkiye through 450 projects and trade finance limits, most of it in the private sector.