Companies in Turkey will have the opportunity to finance investments in resource efficiency and small-scale renewables.
In its first transaction with Turkey’s İş Finansal Kiralama AŞ or İş Leasing, the European Bank for Reconstruction and Development (EBRD) is providing a EUR 40 million loan for on-lending to eligible companies to finance investments in resource efficiency and small-scale renewable energy projects.
The loan is extended under the Turkey Sustainable Energy Financing Facility (TurSEFF), backed by the European Union and funds from the Republic of Turkey Ministry of Treasury and Finance, EBRD said.
The funding is the part of the Turkey Sustainable Energy Financing Facility (TurSEFF), backed by the EU and Turkey’s government
Launched in 2010, EUR 666 million was provided through the credit line to finance more than 1,800 projects, helping to install a total of 582 MW of renewable energy capacity in the country.
The loan will also help strengthen the financial sector in the country and contribute to a more rapid increase in the use of leasing, a viable alternative to debt financing, EBRD said.
According to the bank, it is committed to providing funds and policy support that will help Turkey cope with the coronavirus crisis and use the current situation to “tilt to green” decisively.
İş Leasing is the second-largest leasing company in terms of leasing receivables in Turkey and is a subsidiary of İşbank, Turkey’s largest private lender.