In response to growing demand, the European Bank for Reconstruction and Development (EBRD) is expanding its support to Turkey and sustainable energy financing with additional €500 million. This was announced today at a high-level conference in Istanbul organised by the EBRD.
Now totalling €1.5 billion, the funds under the Mid-size Sustainable Energy Financing Facility (MidSEFF), are provided to Turkish participating banks for on-lending to the private sector companies. Financing is provided for renewable energy and resource efficiency projects, including solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency, water saving and waste minimisation projects
Akbank is the first bank to join this extension of the programme with $110 million in addition to $100 million received in 2011. So far, Akbank has successfully allocated these funds to six eligible projects.