Energy Efficiency

GGF funds energy efficiency measures in Turkey with EUR 15 million

Photo: Pixabay

Published

January 12, 2017

Country

Comments

0

Share

Published:

January 12, 2017

Country:

Comments:

0

Share

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.”

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

Slovenia adopts action plan to halve energy poverty

Slovenia adopts action plan to halve energy poverty

01 December 2023 - According to Eurostat, more than 41 million people in Europe were unable to adequately heat their homes in 2021.

vulcan lithium Landau Zero Carbon Lithium Project

Vulcan opens Europe’s first fully domestic lithium production plant in Germany

30 November 2023 - Lithium extraction from salt water has a much lower environmental impact than projects at salt deserts and mines

HEP-EL-TO-zagreb-new-unit-cogeneration

Croatia’s HEP starts up new unit at cogeneration plant in Zagreb

30 November 2023 - The new unit is HEP's largest investment in new generation facilities in the last ten years, and it will replace outdated units

can europe necp western balkans report missed targets

CAN Europe: BiH, Kosovo* and Serbia’s NECPs lack climate ambition, coal phaseout dates

28 November 2023 - Bosnia and Herzegovina, Kosovo*, and Serbia sent draft NECPs to the Energy Community Secretariat for review in late June and July