Projects of wind and geothermal energy as well as, increasingly, in the photovoltaic sector are in the focus of a new package secured by Green for Growth Fund, Southeast Europe (GGF) for Odeabank. The Istanbul-based financial institution plans to finance mainly renewable energy with the loans worth a total USD 11 million (EUR 10.16 million).
While Turkey’s current electricity mix still relies heavily on fossil fuels (coal- and gas-fired plants account for more than two thirds of inland power generation), it holds vast resources in almost all types of renewable energy, GGF said. Projects funded by the facility are estimated to reduce primary energy consumption by up to 12 GWh and carbon dioxide emissions by 2,640 metric tons per year. Odeabank is a subsidiary of Lebanon-based Bank Audi, operating in the Middle East and North Africa. In order to further optimize Odeabank’s environmental & social expertise, GGF’s technical assistance facility will contribute to the internal training program with additional seminars.