EBRD provides funding for Turkish firm’s innovative poultry waste power plant

EBRD provides funding for Turkish firm’s innovative poultry waste power plant

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has provided a loan of €25 million to Mav Elektrik, a Turkish energy company, to replace loans that funded the construction of the Arikcayiri biomass power plant. The plant is the first large-capacity plant in Turkey to be fuelled by poultry waste and prevents the uncontrolled disposal of such waste, producing bacteria-free and nutrient-rich fertiliser instead. The loan will help Mav Elektrik optimise its balance sheet and expand its renewable energy capacity by 40 MW of wind capacity. The transaction also aims to promote women’s access to employment and improve access to childcare in Gaziantep. The EBRD has invested more than €17 billion in various sectors of the Turkish economy to date.

(PRESS RELEASE) LONDON, 8-May-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, announces its support for Türkiye’s Mav Elektrik Uretim Sanayi ve Ticaret A.S (Mav Elektrik) with USD equivalent loan of €25 million to replace the loans that funded the construction of its Arikcayiri biomass power plant, which is fuelled by poultry waste. The loan will help Mav Elektrik optimize its balance sheet, ensuring it has secured long-term funding to have a sustainable financial footing.

The power plant, located in Gaziantep, is the first large-capacity plant in Türkiye to be fuelled by poultry waste, offering a significant opportunity for the country’s green transition. By generating power, Arikcayiri prevents uncontrolled disposal of poultry waste and its misuse as a fertilizer, which can lead to soil and water contamination, as well as the spread of viral and bacterial diseases. The plant produces bacteria-free and nutrient-rich fertilizer as a by-product of the electricity generation process.

Mav Elektrik is owned by Gulsan Holding, a current client of the EBRD. Gulsan Holding operates in various sectors, including textile, technical textile, energy, automotive, and construction. The EBRD loan will help Gulsan Holding expand its renewable energy capacity by adding another 40 MW of wind capacity, reducing annual CO2 emissions by an estimated 36,897 tonnes.

Furthermore, the transaction aims to promote women’s access to employment by introducing equal opportunity policies and practices. Gulsan Holding aims to increase the percentage of women working across its operations.

The transaction will also improve access to childcare in the Gaziantep Organized Industrial Zone by joining the childcare policy working group established by the EBRD. This will ensure the establishment of a multi-stakeholder partnership to provide childcare solutions for at least 200 children in the city. This initiative is expected to alleviate care responsibilities for people in the region who were affected by the earthquakes that hit the country on 6 February, causing over 50,000 fatalities. It will allow them to return to normal life while continuing to work.

The EBRD has invested more than €17 billion in various sectors of the Turkish economy, mainly in the private sector, to date.

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Email: press@ebrd.com

SOURCE: EBRD