The European Bank for Reconstruction and Development (EBRD) is extending up to US$ 100 million in financing to Adnan Polat Enerji Yatirimi A.S. (APEY) as part of a financing package jointly provided by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi (TSKB) and Garanti BBVA.
The new EBRD loan will help APEY to develop a further 203 MW in renewable energy capacity in the next three years. The investment aims to provide a fresh boost to the renewable energy sector in Turkey.
APEY is one of the sector’s prominent players in Turkey with a total installed capacity of 695MW under two subsidiaries Erguvan RES (110MW) and Polat Enerji (585MW). Maxis, an Is Group private equity investment fund, shares ownership in APEY with Polat Holding.
The expansion includes 53 MW in wind and 150 MW in solar capacities, which will prevent the emission of approximately 154,000 tonnes of CO2 each year from the Turkish power system by generating 438,000 GWh of electricity per year.
Aida Sitdikova, EBRD Director of Energy Eurasia MEA, said, “We are delighted to work with a renowned and experienced renewable energy investor to speed up the transition to clean energy in Turkey. Turkey has immense potential in renewable resources, and the EBRD continues to support the country in advancing its green agenda and meeting its commitments under the Paris Agreement.”
A joint statement from Polat Holding and Maxis highlighted their common goal of supporting the country’s transition to clean energy, “We established a joint partnership in APEY last year to contribute to the renewable energy sector in Turkey and to the country’s economic growth. Through this loan, APEY will further strengthen its position in the clean energy sector, lower carbon emissions and play a more active role in securing sustainable energy resources for our country.”
The EBRD is a leading institutional investor in Turkey. It has invested more than €16.5 billion in 378 projects in the country since 2009, with the overwhelming majority of those projects being in the private sector.