Renewables

EBRD invests USD 100 million in renewable arm of Turkey’s IC Holding

Photo: IC Holding

Published

May 9, 2019

Country

Comments

0

Share

Published:

May 9, 2019

Country:

Comments:

0

Share

The EBRD is investing USD 100 million in a stake of Ictas Surdurulebilir Enerji Yatirimlari, the renewable subsidiary of Turkey’s IC Energy Holding. The Turkish company plans to invest EBRD funds in wind farms and solar power plants with a combined capacity of up to 250 MW.

The agreement was inked on the sidelines of the EBRD Annual Meeting and Business Forum in the capital of Bosnia and Herzegovina, Sarajevo.

The EBRD investment will also partly finance the recent privatisation of Kadincik hydropower plants (HPPs), in Mersin, in the south of Turkey, in a move to help increase the participation of private suppliers in power generation.

Ictas Surdurulebilir Enerji Yatirimlari owns a portfolio of 10 HPPs with a total capacity of 400 MW.

Serhat Çeçen, Chairman of IC Ictas Energy, said that company has been one of Turkey’s leading energy companies in the electricity generation, distribution and retail businesses since the very beginning of the liberalisation of the Turkish electricity market.

Turkey aims to install 27 GW of non-hydro renewable generation capacity by 2023, some 20 GW is expected to be wind and 5 GW solar energy

“We are committed to increasing our existing renewable portfolio of 400 MW with the support of our long-time financial and business partner while ensuring that Turkey’s rich natural resources are effectively and efficiently used in electricity production, as envisaged in Turkey’s 2023 strategy,” he added.

In line with its renewable energy action plan, which was developed by the country’s Ministry of Energy and Natural Resources, Turkey aims to install 27 GW of non-hydro renewable generation capacity by 2023. Some 20 GW of this capacity is expected to be wind and 5 GW licensed solar energy, the EBRD said in a news release.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Tuzla to decarbonize district heating system

Tuzla plans to decarbonize its district heating system

19 October 2021 - Tuzla intends to cut heating emissions to 4% of their current level by 2040 with desulphurization, renewables and network expansion

coldplay

Coldplay to use fans’ kinetic energy to cut CO2 emissions on world tour

15 October 2021 - To mitigate the carbon footprint during the 2022 tour, the British rock band will use solar panels, biofuel, a mobile rechargeable battery, and a kinetic floor to convert fans’ movements into energy.

Serbia power utility EPS investments in green energy

Serbia’s power utility EPS announces investments in green energy

15 October 2021 - Serbian state-owned power producer EPS aims to install 240 MW in solar power plants and 100 MW in wind farms by the end of the decade

Marine Le Pen France abolish wind power elected president

Marine Le Pen says France would abolish wind power if she is elected president

15 October 2021 - National Rally's Marine Le Pen vowed to halt subsidies for solar and wind and close wind farms if she wins the French presidential election