October 25 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is providing USD 55 million (EUR 45.9m) to Turkish lender Isbank [BIST:ISATR] to finance renewable energy and resource efficiency projects, the international lender said today.
The EBRD funds are extended through an investment in “A-” rated senior notes issued under Isbank’s Diversified Payment Rights (DPR) securitisation programme, a market instrument used by Turkish banks to raise long-term funding.
The financing will benefit projects in solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency as well as water saving and waste minimisation projects. It is part of the EBRD’s recently expanded Mid-size Sustainable Energy Financing Facility (MidSEFF) now totalling EUR 1.5 billion.
So far 50 projects have been financed through seven Turkish banks under the facility, helping to build over 900 MW of renewable energy capacity.
Investing in sustainable energy and resource efficiency is a strategic priority for the EBRD in Turkey, the lender said in the press release. Almost half of the bank's portfolio in Turkey is in sustainable energy. Since 2009 the EBRD has invested over EUR 3 billion in more than 75 such projects, including two large wind farms – Bares and Rotor – and Efeler - the largest geothermal power plant in Turkey.
(USD 1 = EUR 0.918)