EBRD Grants EUR 25 Million Loan To AkLease For Green Economy Projects In Turkey

The European Bank for Reconstruction and Development (EBRD) has granted approval for a senior unsecured loan of up to EUR 25 million to AkLease, one of the leading leasing companies in Turkey. The loan falls under the Green Economy Financing Facility Türkiye (GEFF Türkiye) Framework and aims to fund eligible sub-projects aligned with green economy investments, such as energy efficiency, renewable energy, and climate resilience measures.

AkLease plans to use the funds to expand its on-lending to small and medium-sized enterprises (SMEs) in the private sector for energy-efficient and small-scale renewable energy ventures. Additionally, the loan will facilitate access to green technologies for female entrepreneurs. This transaction represents the first collaboration with AkLease under the GEFF Türkiye, following the success of two previous TurSEFF lines signed in 2017 and 2021.

The project is expected to contribute significantly to the transition impact, with an ETI score of 70, derived from the green and well-governed qualities of GEFF Türkiye. It aligns with the Bank’s objectives to promote environmentally sustainable, low-carbon, and climate-resilient economies in Turkey. Furthermore, it will aid in enhancing AkLease’s corporate climate governance practices.

AkLease, a subsidiary of Akbank T.A.S., is fully owned by Sabanci Holding and ranks among the largest leasing companies in Turkey, showcasing a robust track record with an existing Environmental and Social Management System (ESMS) in place.

The financing structure of the facility will provide AkLease with medium-term financing, supporting the diversification of the funding base. Additionally, the project will benefit from various sources of additionality, including innovative financing structures, risk mitigation, and standard setting, further strengthening the climate and ESG standards integration.

The project’s environmental and social impact will be managed through compliance with the EBRD’s Performance Requirements and the implementation of applicable Environmental and Social Risk Management Procedures. AkLease will also follow the Exclusion List and Referral list introduced with ESP 2019, along with the E&S Eligibility Criteria for Renewable Energy Projects, as relevant for each sub-project.

Technical cooperation and grant financing will be provided, with support from the Clean Technology Fund (CTF), Türkiye-EBRD Cooperation Fund, SSF, and potentially other bilateral donors. The Facility Consultant (FC) will oversee project operations, review and approve sub-projects, and engage in policy dialogue to further the EBRD’s objectives for the initiative.