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European bank to grant 200 million USD energy finance loan
Michael Davey, the director of EBRD's office in Istanbul, said the energy finance loan would be between a few thousand USD to 5 million USD.
The loan would be provided to private Turkish companies and households via local partner banks including Garanti Bankasi, Vakifbank, Akbank and Denizbank, Davey said during a meeting in İstanbul.
Also speaking in the meeting, project director of Sustainable Energy Financing Facility of Turkey (TurSEFF) said the project included housing loans up to 75,000 USD, management loans up to 300,000 USD and industrial loans up to 5 million USD.
Project director Janna Fortmann said TurSEFF aimed to save 500,000 megawatts per hour energy, and prevent 300,000 tons of carbon dioxide emission with the loans.
Akbank, Garanti Bank and Vakıfbank are the first Turkish banks who will take up the facility, each signing up for $60 million credit lines. The proceeds of the sub-loans will be used to finance such investments as industrial energy efficiency, thermal rehabilitation of buildings, small scale renewable investments, including geothermal, solar, biomass and biogas.
TurSEFF financing is supported by 6.8 million in technical assistance grants, provided by the Clean Technology Fund and the European Union in collaboration with the Turkish Treasury. The funds will be used to support the participating banks in developing financing instruments for energy efficiency projects, to help sub-borrowers design and implement such projects, as well as to increase the awareness about the benefits of sustainable energy investments.
TurSEFF is a continuation of the EBRD's efforts to help countries reduce their energy intensity. Similar EBRD facilities are currently operating in Bosnia-Herzegovina, Bulgaria, Georgia, Hungary, Kazakhstan, Macedonia, Montenegro, Moldova, Romania, Russia, Serbia, Slovakia and Ukraine.
Overall the EBRD has committed over $1.1 billion to Sustainable Energy Financing Facilities (SEFFs) in these countries.
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