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EBRD investing up to EUR 400 million in energy

Published

August 3, 2015

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Published:

August 3, 2015

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The European Bank for Reconstruction and Development plans to increase its investments in Turkey, according to its country director Jean-Patrick Marquet, as reported by Invest in Turkey portal.

The bank will channel EUR 300 million to EUR 400 million into that market this year, including acquiring stakes in Borsa Istanbul and renewable energy company Gama Enerji. EBRD’s lending and investments in Turkey are expected to reach a record EUR 1.75 billion for the year, in comparison to EUR 1.4 billion in 2014, Marquet was quoted by Bloomberg New Energy Finance. He added that the country’s fundamentals for long-term growth were strong. EBRD reached an agreement to acquire 10% stakes in Borsa Istanbul last May and is said to be considering buying a USD 105 million (EUR 95.8 million) share in Gama Enerji AŞ. The latter company is 73% owned by Gama Holding AŞ and 27% by International Finance Corporation and IFC Global Infrastructure Fund.

Gama owns three wind farms, from 10 MW upwards, and three hydropower plants in Turkey, the biggest one being the 672 MW Birecik facility on the Euphrates river, where it has a minority share, and is currently building a new combined-cycle gas turbine power plant in Turkey with a capacity of 840 MW. The company also operates a water system in Jordan. EBRD’s investment will support the growth of operational capacity up to 2–2.5 MW through new projects with a focus on renewable energy and gas-fired plants. The EBRD said it would also help with the preparations for a potential IPO.

The bank’s Turkish portfolio primarily consists of renewable energy projects, including wind farms and geothermal plants. EBRD has recently announced a EUR 180 million funding program for Turkish renewable energy projects through Garanti Bank AŞ and Yapı ve Kredi Bankası AŞ.

 

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