The International Finance Corporation will join the European Bank for Reconstruction and Development in supporting the renewables branch of Turkish conglomerate Akfen Holding with a combined investment of EUR 175.5 million, SeeNews reported.
The two development banks will have equal stakes in Akfen Yenilenebilir Enerji AŞ and make equal investments, according to a public filing. The two lenders have applied to the antitrust regulator for clearance on the acquisition to buy a combined stake of 33.4% in the holding’s renewable unit with EUR 89 million each.
The two lenders have applied to the antitrust board for clearance on the acquisition.
Initially, EBRD planned to acquire a 20% stake in Akfen Yenilenebilir for EUR 89 million, as announced in December. At the time, the portfolio of the renewables firm consisted of 203 MW of hydroelectric and 7 MW of solar power facilities. In addition, it had numerous wind, solar and hydropower projects in construction and under development across several regions of Turkey.
Akfen, which will continue to control the renewables business, plans to use the funds for both existing and new projects, it said in the document.
