EBRD Supports Solar Energy Growth In Türkiye With New Loan

12/23/2024 8:07:21 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 23. The European Bank for Reconstruction and Development (EBRD) has agreed to provide a 39.7 million euro ($42 million) loan to Türkiye's Kavram Enerji, a subsidiary of Fiba Yenilenebilir Enerji Holding (Fiba Renewables), to support the construction of two solar power plants in the cities of Isparta and Balikesir, Trend reports.

The loan will fund the development of a 55 MW hybrid solar power plant in Isparta and a 20 MW hybrid solar power plant in Balikesir. Once operational, these plants are expected to reduce Türkiye's carbon emissions by approximately 37,000 tonnes annually.

Aida Sitdikova, Head of Energy for Eurasia, the Middle East, and Africa at the EBRD, noted the bank's commitment to Türkiye's energy transition.“We are pleased to advance our partnership with Fiba Group and are confident that Fiba Renewables' solar plants will make a significant contribution to Türkiye's energy transition,” she said.

Kavram Enerji, part of Fiba Renewables, currently has an installed capacity of 581 MW. Fiba Renewables aims to increase this capacity to 737 MW by early 2025 and exceed 1,000 MW by mid-2026. Murat Özyeğin, Chair of the Board at Fiba Renewables, emphasized the strategic importance of these projects for Türkiye's green transformation.

Koray Kıymaz, CEO of Fiba Renewables, highlighted the company's focus on environmental, social, and corporate governance (ESG) and its commitment to reducing the carbon footprint through energy efficiency and innovation. The company is also working on a gender-focused outreach program to promote job opportunities for women in the renewable energy sector.

Since 2009, EBRD has invested nearly 22 billion euros in Türkiye through 465 projects, with a strong focus on the private sector.

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