Sinbo, a leading Turkish manufacturer, received US $9 million in financing to reduce its energy consumption from the EBRD’s Turkish Sustainable Energy Financing Facility (TurSEFF).
Sinbo manufactures household appliances such as bread-making machines, hairdryers and electric fans, for distribution in over 60 countries. Founded by Director Mehmet Demir in 1997, Sinbo has since grown to employ nearly 800 people with an annual turnover of €250 million.
With the loan, the company upgraded equipment and cooling systems, replaced old motors and lighting, built a new large warehouse and insulated their factory in Avcılar, outside Istanbul.
Turkey imports 70 per cent of its energy needs, and consumption is expected to double in the next 10 years. The US$ 285 million TurSEFF is helping address this by providing Turkish banks with funds for on-lending for energy efficiency projects.
The facility benefits from US $50 million in concessional and grant co-financing through the Clean Technology Fund, combined with US $7.5 million in funding for technical cooperation from the European Union in collaboration with the Turkish Treasury. Key donors recently visited the Sinbo factory to see their money in action.
Following the upgrades, Sinbo’s appliances are now made using 12 per cent less energy. Because energy is so expensive in Turkey, this saving is already reducing costs and helping Sinbo appliances become more competitive at home and abroad.