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Banks tailor products for renewable energy projects

Published

January 28, 2016

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Published:

January 28, 2016

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The number of banks choosing to finance renewable energy projects is on the rise, which is an important sign that the sector will further develop and improve, said the deputy managing director of Turkey’s Şekerbank TAŞ. Speaking to Anadolu, Gökhan Ertürk underlined awareness of renewable energy in the country has gradually increased over the past years. In addition, banks and financial establishments, in accordance with the requirements of its customers, both individual and institutional, have brought out many credit and loan mechanisms formulated for a variety of needs, he adds, the agency’s Energy Terminal reported.

The loans include aid in irrigation for farmers, financing solar panel installation on roofs and insulations for buildings. In the case of Şekerbank, a programme called EKOkredi was started in 2009, designed to provide financial aid for energy efficiency and renewable energy projects, he explained. Since 2009, the bank has financed over TRY 651 million (EUR 197.4 million) in the sector, Ertürk said.

He argued the developments are indicative of the renewable energy market’s rising appeal in the eyes of financiers. “The bank follows energy efficiency projects closely and offers finance opportunities according to specific needs and requests. Solar energy is expected to be the most important field to draw attention to and the bank will evaluate these projects,” Ertürk stated and added the bank aims to incorporate more biomass projects into its portfolio.

He said the bank aims to provide finance in the sum of EUR 91 million a year and plans to accelerate the insulation of houses targeting 60,000 units each year. Up to now, funds were engaged for the insulation of over 104,000 homes, saving 194 million cubic meters of unnecessary natural gas usage, Ertürk said. He added Şekerbank hopes to provide EUR 15.2 million in financial aid by the end of 2017 to assist in the construction of a 30 MW solar plant.

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