Kavram Enerji, a subsidiary of Fiba Yenilenebilir Enerji Holding (Fiba Renewables), a renewable energy developer in Türkiye, secured a $42 million (€39.7 million) loan from the European Bank for Reconstruction and Development (EBRD) to develop hybrid solar projects in Türkiye.
The portfolio includes a 55 MW hybrid solar project in Isparta and a 20 MW hybrid solar project in Balikesir. Once operational, the projects are expected to reduce carbon emissions of the Turkish power system by around 37,000 tons per year.
Kavram Enerji, which operates as a subsidiary of Fiba Renewables and is owned by the Fiba Group, has a total installed renewable energy capacity of 581 MW including five solar projects and 14 wind power projects. The company aims to increase the installed capacity to 737 MW by the first quarter of 2025 and to exceed a target of 1 GW by mid-2026.
Aida Sitdikova, Head of Energy for Eurasia, the Middle East, and Africa in the EBRD’s Sustainable Infrastructure Group, said, “As a substantial investor in Türkiye, we recognize not only the country’s vast renewable energy potential but also its ambitious targets and robust interest from private players. We are pleased to advance our partnership with Fiba Group into the energy sector and are confident that Fiba Renewables’ solar plants will make a significant contribution to Türkiye’s energy transition.”
EBRD’s partnership with Fiba Renewables is part of a series of first investments in scalable hybrid solutions under Türkiye’s hybrid regulation framework, a strategic approach to optimizing renewable energy infrastructure.
The EBRD is among Türkiye’s key investors, with about €22 billion committed through 465 projects and trade finance limits since 2009, most of it in the private sector.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this month, Econergy, an independent renewable energy power producer, announced the signing of a project financing agreement valued at approximately €38 million (~$39.61 million) with Raiffeisen Bank International AG (RBI), Europe’s financial institution.
