Akfen Receives $102 Million Loan for Renewable Energy

The European Bank for Reconstruction and Development (EBRD) has provided a $102 million loan for the construction of a total of 13 power plants to Akfen Renewable Energy, which aims to reach 1,000 MW of power generation capacity consisting only of domestic and renewable energy sources by 2020. Akfen Renewable Energy, which focuses on producing energy only from domestic and renewable sources, including wind, solar and hydroelectricity, and aims to reach 1,000 MW of installed power by 2020 in this field, received strong loan support from the European Bank for Reconstruction and Development (EBRD). The $102 million loan signed according to the agreement will be used by Akfen Renewable Energy for the realization of 9 solar (GES) and 4 wind (RES) power plants with a total installed capacity of 327 megawatts . 9 GES projects, which will be 85 megawatts and for which the EBRD provides a loan support of 52 million dollars, will be established in Konya, Amasya, Tokat, Van and Malatya. The EBRD will provide $50 million in loan support to 4 wind projects in Üçpınar (99 MW), Kocalar (26 MW), Hasanoba (51 MW) and Denizli (66 MW) in Çanakkale, which will have a total installed capacity of 242 megawatts. Thus, the EBRD's loan support for solar and wind projects of Akfen Renewable Energy will be realized as a total of $ 102 million .   "IT WILL PLAY AN IMPORTANT ROLE IN INVESTMENTS" Providing information on the subject, Akfen Renewable Energy Inc. Managing Director Kayir Karabeyoglu said the EBRD loan will play an important role in the realization of the company's investments. Karabeyoğlu said, "With the projects we will implement by the end of 2020, we are taking steps towards our goal of reaching 1,000 MW of installed power, all based on clean energy sources. In the coming period, our new investments and possible acquisitions, especially in the field of wind energy, will continue." EBRD Turkey Director Arvid Tuerkner said: "Turkey continues to offer attractive investment opportunities in the renewable energy sector. The financing we provide is to support Akfen Holding's goal of becoming one of the country's largest renewable energy players. At the same time, this investment gives impetus to the sector in Turkey's transition to energy production based on domestic resources."