News

Banks tailor products for renewable energy projects

Published

January 28, 2016

Comments

0

Share

Published:

January 28, 2016

Comments:

0

Share

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.

Related Articles

Slovenia prepares another capital injection for state-owned utility HSE

Slovenia prepares another capital injection for state-owned utility HSE

08 December 2022 - Slovenia is boosting the capital of its struggling power utility Holding Slovenske elektrarne with EUR 492 million

Serbia-circular-economy-program

Serbia adopts circular economy program as Montenegro unveils draft strategy

08 December 2022 - Serbia adopts a circular economy development program until 2024, and Montenegro unveils its national strategy until 2030

UK approves first coal mining project in more than three decades

UK approves first underground coal mining project in more than three decades

08 December 2022 - Environmentalists may turn to court to overturn the government's approval for the opening of a coking coal mine in northwest England

solar-epcg

Power utility EPCG to buy Nikšić steelworks, set up solar energy firm

08 December 2022 - EPCG intends to set up a firm that will not produce steel but operate in the solar sector