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

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.