September 5 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday that it is providing a loan of up to $100 million (100.6 million euro) to advance the development of 53 MW of wind and 150 MW of solar power capacities in Turkey within the next three years.
The loan is being extended to Adnan Polat Enerji Yatirimi, or APEY, a 50-50 joint venture of Polat Holding and Maxis, a private equity fund of Turkey's financial services provider Is Group, the EBRD said in a press release.
The amount is part of a financing package jointly offered by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi (TSKB) and Garanti BBVA.
The planned projects will contribute to generating 438,000 GWh of electricity per year.
"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," Polat Holding and Maxis jointly said in the statement.
APEY owns a total installed capacity of 695 MW under two subsidiaries, Erguvan RES with 110MW and Polat Enerji with 585 MW.
The financing, which was approved in July, is in the form of a senior loan with a tenor of nine years, under the project description. The total project cost amounts to $285 million.
Turkey has set a target of net zero carbon emissions by 2053.
In June, the country's Ministry of Energy and Natural Resources awarded 850 MW of wind power generating capacity among 20 projects in the latest round of the country’s Renewable Energy Resources Zone (YEKA) tender programme.
($ = 1.00644 euro)