Since the launch of the Turkish Mid-size Sustainable Energy Financing Facility (MidSEFF) in 2011, 45 Turkish companies have received financing through seven participating banks – Akbank, Denizbank, Finansbank, Garanti Bank, Isbank, Vakifbank and Yapı Kredi.
The total amount of MidSEFF disbursed financing amounts to €758 million, leveraging additional €467 million more in investments in Turkey. These projects generated the installed capacity of 836MW of renewable energy, while a total of 3,000 GWh per year is to be produced.
The impact of these figures is particularly significant in the wind and geothermal energy sector, where the MidSEFF generated capacities hold the shares of over 9 and close to 14 per cent respectively of Turkey’s total installed capacity of these technologies as of the end of Quarter 1, 2016.
The effect of the mentioned projects is hard to underestimate for Turkey, which imports around 70 per cent of its energy demand, which will only increase in the coming years, considering the country's booming economy. The renewable energy business not only brings profits to the implementing companies and energy independence to the country, but also creates new jobs and improves local business and environmental conditions.