EBRD Supports Türkiye’s Renewable Energy Expansion with $60 Million Loan to Borusan EnBW Enerji

EBRD Supports Türkiye’s Renewable Energy Expansion with $60 Million Loan to Borusan EnBW Enerji

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has provided a $60 million loan to Borusan EnBW Enerji to support the development of 116 MW of onshore wind-energy capacity in Türkiye’s Sivas and Tekirdağ provinces. This investment is crucial for Türkiye’s efforts to meet its 2053 net-zero target, contributing to the reduction of 243,000 tonnes of CO2 annually. The project will also promote gender equality in the energy sector by increasing women’s participation in technical roles and enhancing corporate governance practices related to climate risks.

(PRESS RELEASE) LONDON, 9-Sep-2024 — /EuropaWire/ — In a notable step toward Türkiye’s green energy ambitions, the European Bank for Reconstruction and Development (EBRD) has announced a $60 million loan to Borusan EnBW Enerji, a key player in the country’s renewable energy sector. The financing will support the development and construction of 116 MW of new onshore wind-energy capacity in the provinces of Sivas and Tekirdağ.

Borusan EnBW Enerji, a joint venture between Borusan Holding and Germany’s EnBW AG, currently operates 730 MW of renewable energy capacity, primarily focused on wind power. With the completion of the new projects, the firm’s total installed renewable capacity will reach 935 MW, positioning it as a leader in Türkiye’s energy transition.

This investment is critical as Türkiye aims to meet its ambitious net-zero carbon emissions target by 2053, a goal that will require approximately $10 billion in annual financing for the renewable energy sector through 2030. The new wind-energy projects are expected to generate 382 GWh of renewable power annually, offsetting 243,000 tonnes of CO2 emissions each year.

Aida Sitdikova, EBRD Director and Head of Energy for Eurasia, the Middle East, and Africa, emphasized the importance of Borusan EnBW Enerji’s role in driving the country’s energy transition. “This project will not only boost Türkiye’s renewable energy capacity but also act as a catalyst for broader climate action,” she noted.

In addition to its environmental impact, the project will focus on promoting gender equality in the male-dominated energy sector. Borusan EnBW Enerji plans to enhance policies that support equal opportunities and increase the representation of women in technical roles. The company is also taking steps to integrate gender considerations into its corporate governance practices related to climate risks.

The EBRD’s involvement highlights its broader commitment to Türkiye, where the institution has invested over €20 billion across 450 projects, primarily in the private sector, since 2009. This latest financing marks a significant step forward in the country’s pursuit of sustainable energy solutions and its transition to a greener future.

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SOURCE: EBRD