EBRD Loans $200 Million to Turkish Renewable Energy Developer

The European Bank for Reconstruction and Development (EBRD) is providing a loan of $200 million to Turkey’s Borusan EnBW Enerji Yatirimlari ve Uretim to help the firm strengthen its financial position and invest in renewable energy sector with gender inclusion.

The funds are being provided by EBRD under a syndicated structure with the Netherlands Entrepreneurial Development Finance Company, FMO.

EBRD said that the facility is part of a $600 million financing package to be jointly provided by Türkiye Is Bankasi, Türkiye Sinai Kalkinma Bankasi, Garanti BBVA, Akbank, ICBC and Yapi Kredi.

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The proceeds of the loan will be used to strengthen the balance sheet of Borusan EnBW Enerji and facilitate a corporate reorganisation that will consolidate the company’s energy portfolio, fuelling further investments into renewables, said EBRD.

The project is also expected to improve women’s access to renewable energy sector-relevant skills and employment opportunities, boosting the company’s inclusion credentials.

Nandita Parshad, EBRD Managing Director of Sustainable Infrastructure, said, “With this milestone financing package, we are very pleased to support Borusan EnBW Enerji’s ambition in the renewables sector and help accelerate Turkey’s energy transition and support its climate commitments.”

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Enis Amasyalı, General Manager, Borusan EnBW Enerji, said on EBRD loan, “With the loan we have obtained, we will accelerate our investments in the renewable energy sector, as well as in our new business areas, and continue to take steps towards closing the green-collar employee gap and ensuring gender equality within the renewable energy sector.”

In the renewables field, Borusan EnBW Enerji has a total installed capacity of 725 MW in a diversified portfolio. Jointly owned by Turkey’s Borusan Holding A.S. and Germany’s EnBW AG, the company claims to have one of the largest wind portfolios in the country, and has a range of new renewable projects, including wind and solar, in the pipeline.

EBRD said that it has invested more than €17 billion to date in various sectors of the Turkish economy.  The 2030 target of Turkey holds that the country wants to raise its renewable energy in the energy mix to 32% with 38,000 MW in solar and 4000 MW in wind energy sector.