HE European Bank for Reconstruction and Development (EBRD) has extended financing facilities to support Turkey’s investments in energy efficiency and renewable energy projects to increase energy savings and reduce carbon emissions.
With the extension of the Mid-size Sustainable Energy Financing Facility, or MidSEFF, originally launched in December 2010, the Bank will continue helping Turkey to reduce its dependence on fossil fuels by financing private sector energy efficiency investments in mid-size sustainable energy projects with the total investment cost of up to €50 million.
As part of this extension, the EBRD will offer a total of €225 million in loans to Turkish banks for on-lending to private sector borrowers to undertake mid-size renewable energy, waste-to-energy and industrial energy efficiency investments.
Yapi Kredi Bank (YKB) is the first local bank to join the extended MidSEFF. Through the purchase of notes issued by YKB under its established Diversified Payment Rights securitisation programme, it received a total of €75 million from the EBRD for on-lending to eligible sub-borrowers.
Yapi Kredi CEO Faik Açıkalın said: “We have issued this long term credit despite the uncertain global economic outlook, which attests to the confidence of international markets in Turkey’s economic prospects.”
Highlighting their standing as the Turkish bank with the highest DPR securitization volume in 2011, he continued: “We have issued a total of US$ 2.8 billion funding within the scope of our DPR program since its start in 2003. This last transaction has the longest maturity yet with its 12-year repayment term.”
Mr. Açıkalın also underlined the special importance the company attaches to efforts towards the protection of nature and to mitigating the negative environmental impacts of companies and added: “We will further consolidate our leadership in funding renewable energy projects thanks to this new capital. Our primary goal is to undertake investments that will improve the energy efficiency and waste management —including carbon emissions— of our medium-sized enterprises”.
“Since its launch almost a year ago, the MidSEFF has been an important component of the EBRD’s support of Turkey’s long-term energy strategy. We have so far provided around €300 million in financing to four leading banks in Turkey. Building on our success we are pleased to welcome new Turkish commercial lenders to our extended facility. Our joint cooperation brings tangible results, unlocking the potential that renewable energy resources have in Turkey,” said Michael Davey, EBRD Director for Turkey.
Enigin Distributors in the region are on hand with cutting edge energy efficiency technology and solutions from Enigin, providing the ideal investment for both the public and private sectors in Turkey enabling them to gain control of their energy use, reducing costs, consumption and emissions.
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