The European Bank for Reconstruction and Development (EBRD) provided around $100 million in financing to Adnan Polat Enerji Yatirimi A.S. (APEY), a renewable energy company, as part of a financing package jointly provided by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi (TSKB) and Garanti BBVA.

The new EBRD loan will help APEY to develop a further 203 MW in renewable energy capacity in the next three years to provide a fresh boost to the renewable energy sector in Turkey.

The company has a portfolio of 695 MW under two subsidiaries, Erguvan RES (110 MW) and Polat Enerji (585 MW).

The expansion includes 53 MW of wind and 150 MW of solar, which will prevent the emission of approximately 154,000 tonnes of CO2 each year from the Turkish power system by generating 438,000 GWh of electricity annually.

“We are delighted to work with a renowned and experienced renewable energy investor to speed up the transition to clean energy in Turkey. Turkey has immense potential in renewable resources, and the EBRD continues to support the country in advancing its green agenda and meeting its commitments under the Paris Agreement, “said Aida Sitdikova, EBRD Director of Energy Eurasia MEA.

A joint statement from Polat Holding and Maxis, who share ownership in APEY, commented, “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.”

Earlier this month, Ib vogt, a renewable energy project developer, raised $90.4 million to construct a 135 MW solar project in Poland. Commercial operation of the first section is expected in September 2022, and the entire project will be operational by the beginning of 2023. The investment was provided by BayernLB and Siemens Financial Services through Siemens Bank.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.