The EBRD’s Sustainable Energy Initiative has launched a SEFFs in Turkey.
Turkey imports 75 per cent of its energy needs and energy demand in the country is forecast to double by 2017. Supporting sustainable energy investments is therefore a key element of the EBRD’s strategy in Turkey.
Reducing energy waste
The Bank has launched the Turkish Sustainable Energy Financing Facility (TurSEFF), worth up to US$ 245 million, for on-lending to businesses and households via local partner banks. The proceeds of the facility are used to finance energy efficiency and small-scale renewable energy investments, including geothermal, solar, biomass and biogas, implemented by Turkish businesses and households, helping them to cut their carbon footprint by reducing energy wastage.
Concessional financing and technical assistance
The TurSEFF benefits from US$ 50 million in concessional and grant co-financing through the Clean Technology Fund (CTF), combined with about US$ 7.5 million in technical cooperation (TC) funding from the European Union in collaboration with the Turkish Treasury. The TC funds are used to support the participating banks in developing energy efficiency financing instruments, to help sub-borrowers design and implement such projects, as well as to increase the awareness about the benefits of sustainable energy investments.
TurSEFF is part of the EBRD’s wider effort to help its countries of operations reduce their energy intensity. There are currently 19 similar EBRD facilities operating in 16 countries. Overall the EBRD has committed over US$ 1.1 billion to Sustainable Energy Financing Facilities (SEFFs).
