News

Turkey’s development bank gets USD 170 million green loan from Japan

Turkey's development bank USD 170 million green loan Japan

Photo: TKYB

Published

April 5, 2021

Country

Comments

0

Share

Published:

April 5, 2021

Country:

Comments:

0

Share

JBIC co-financed a EUR 170 million credit line for the Development Investment Bank of Turkey within the program to promote Japanese environmentally-friendly technologies in energy and energy efficiency.

With the latest loan package, the Japan Bank for International Cooperation (JBIC) supported Turkey’s efforts to reduce greenhouse gas emissions with USD 420 million. Chief Representative Ryuta Suzuki signed a USD 170 million deal with General Manager and Executive Director of Development Investment Bank of Turkey (TKYB) Ibrahim Öztop.

It is the third green credit line, after agreements for up to USD 100 million from 2013 and USD 150 million in 2015 for the promotion of Japanese environmental technologies. The funds are intended for photovoltaic facilities and highly energy-efficient power plants that incorporate advanced environmental technologies, as well as the installation of energy-saving equipment.

JBIC covered USD 102 million and agreed to provide guarantees for the entire new package while the rest came Sumitomo Mitsui as the lead arranger, Joyo Bank and Hachijuni Bank. The Japanese development bank said it is helping Turkey to strengthen the level of its energy independence, implement the national economic plan and preserve the environment in the process.

The credit line can be used within the next twelve years. It includes an option for repayment deferral of two and a half years. “As of end-2020, 57% of our loan portfolio is renewable energy projects and 63% are sustainability-linked loans,” Öztop said. In his words, TKYB aims to reduce the usage of fossil fuel.

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

Egypt add 1 1 GW solar wind power cheapest rates Africa

Egypt to add 1.1 GW in solar, wind power with cheapest rates in Africa

02 December 2022 - Two giant solar and wind power plants in Egypt will supply electricity at the lowest rates in Africa, IFC said

Electricity prices to be increased in Republic of Srpska from New Year

Increase of electricity prices in the Republic of Srpska as of January 2023

02 December 2022 - A large part of electricity consumers in the Republic of Srpska will be getting higher bills after the New Year

EU Energy Community support Serbia energy transition Várhelyi

EU, Energy Community extend support to Serbia in its energy transition

02 December 2022 - Minister of Mining and Energy Dubravka Đedović met with top officials from the European Union and Energy Community Secretariat

New applications Greece 3 3 GWh energy storage November

New applications in Greece for 3.3 GWh of energy storage in November

02 December 2022 - Greek energy regulator RAE received 44 applications for energy storage projects in November