EBRD-FMO Loan Boosts Borusan EnBW Enerji


The European Bank for Reconstruction and Development (EBRD) and the Netherlands Entrepreneurial Development Finance Company, FMO, are extending a US$ 80 million financing package to Borusan EnBW Enerji A.S., providing a fresh boost to the renewable energy sector in Turkey.


The company ‒ a joint venture between German utility Energie Baden-Württemberg (EnBW) and Turkish conglomerate Borusan Holding ‒ is a prominent renewable energy player in the country. It runs nine wind farms, two solar plants, and one hydro-electrical power plant, with a total of 720 megawatts (MW) of installed capacity. Its wind portfolio is the largest in Turkey.

The financing package is split equally between the two lenders under the EBRD’s A/B loan syndication structure, a financing model whereby lenders participate in an EBRD loan on market terms, with the EBRD remaining the lender of record for the entire loan amount.


The long-term loan will strengthen Borusan EnBW Enerji’s balance sheet and reinforce its financial sustainability for further portfolio expansion.

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Borusan EnBW Enerji will also develop and implement a newly accredited course for young people to acquire the skills required in the renewable energy sector. It has further committed to stepping up support for women, who remain underrepresented in the industry and Turkey’s labour market more broadly.

Aida Sitdikova, EBRD Director of Energy Eurasia, said, “To advance its green agenda and meet its commitments under the Paris Agreement, Turkey needs strong, experienced renewable energy investors on a sustainable financial footing, such as Borusan EnBW Enerji. The EBRD is delighted to consolidate its partnership with this Turkish-German venture and enable it to step up the delivery of green sources of energy.”

In 2020, the EBRD supported the company with a loan of US$ 37 million to finance the expansion of the Kiyikoy wind farm in Turkey’s northwest.

Borusan EnBW Enerji CEO Enis Amasyalı said, “Borusan EnBW Enerji, which has been a prominent representative of the renewable energy sector since its establishment, will ensure the continuity of its clean energy investments through its strong cooperation with the EBRD. We will also initiate an inclusion project to increase green-collar employment in the sector, particularly for female students. This partnership will support us in our corporate sustainability strategy, focusing on climate, people, and innovation.”

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The EBRD is a major institutional investor in Turkey and has invested more than €14.7 billion through 361 projects in the country’s economy to date, mostly in the private sector. Sustainability is at the heart of the Bank’s an investment and policy engagement.

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