GGF funds energy efficiency measures in Turkey with EUR 15 million

The Green for Growth Fund (GGF) has agreed to lend EUR 15 million to Turkey’s Garanti Leasing to foster investments in energy efficiency and renewable energy equipment by Turkish micro, small, and medium enterprises (MSMEs).

Energy efficiency measures financed with the GGF loan are expected to achieve annual primary energy savings of approximately 61.000 MWh and CO2 emission reductions of approximately 14.000 tons, said the GGF in a press release.

Leases for replacing obsolete and energy-inefficient equipment account for 30 percent of the lease portfolio at Garanti Leasing and are already resulting in substantial energy savings. The GGF loan is aimed at extending this portfolio to non-standard measures such as the leasing of mid-sized solar power plants and energy efficient equipment for the construction, textile and manufacturing sectors.

Garanti Leasing is an affiliate of Garanti Bank, Turkey’s third-largest bank, and provides leasing services to some 10.000 customers from a wide-variety of business sectors.

GGF Chairman Christopher Knowles said: “Having Garanti Leasing as a partner in Turkey is an important step for increasing the use of energy efficient equipment by the country’s MSMEs. Given the company’s strong market position and its extensive branch network, we are pleased to welcome Garanti Leasing as our latest partner institution.”

Garanti Leasing General Manager Unal Gokmen said: “We, as Garanti Leasing, provide financial support for investors in solar, wind and biomass energy systems to increase the use of systems that are renewable, unlimited and totally environment-friendly. In light of the convenient conditions in our country, and the government incentives and facilities, we believe the use of renewable energy systems will increase even more in the future. Garanti Leasing values constant and sustainable contributions to the environment, and in parallel with this principle, we support investments in this particular area.”