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EBRD celebrates best small-scale sustainable energy projects in Turkey

By Olga Rosca

EBRD celebrates best small-scale sustainable energy projects in Turkey

Eight companies recognised for promoting energy efficiency and renewable energy

In a ceremony in Istanbul, the European Bank for Reconstruction and Development (EBRD) and its partners have awarded the best small-scale energy efficiency and renewable energy projects financed under the Turkey Sustainable Energy Financing Facility (TurSEFF) between 2013 and 2016.

Launched in 2010, the EBRD-led finance facility was originally aimed at financing small and medium-sized enterprises (SMEs) seeking to enhance their energy efficiency. Now in its third stage, TurSEFF also provides financing to projects in the municipal sector and will partner with leasing companies in addition to banks.

During the second stage, almost 500 projects were financed for a total of €254 million.

Oksana Pak, EBRD Head of Financial Institutions Turkey, said: “The success we are celebrating today wouldn’t have been possible without our committed partner banks. We are particularly pleased that each lender has taken a niche of its own. Isbank has developed an outstanding expertise in financing solar PV, resulting in 90 MW of new installed capacity. Vakifbank has been particularly enthusiastic about supporting energy efficiency, with 160 such projects financed. YapiKredi has appraised 740 projects, the largest number of projects by one bank during these four years. Investments financed through Denizbank resulted in a yearly reduction of GHG emissions equivalent to taking 240,000 cars off the road, the best result among participating lenders.”

She added: “The results that have been achieved are testament to the continued mainstreaming of environmental considerations within our partner banks, which is critical to achieve the level of financing required to address Turkey’s development challenges as well as climate change.” 

An example of mainstreaming is the launch of green lending products now offered by partner banks.

Murat Sarıoğlu, TurSEFF Project Director, MWH Global, said: “In order to further expand financing for energy efficiency, support was provided to TurSEFF partner banks for the development and launch of dedicated green products: the ‘Commercial Building Energy Efficiency Loan’ and the ‘Electric Motors Improvement Loan’ by Vakifbank, the ‘Unlicensed Electricity Production Loan’ by Isbank and the ‘Green Loan System Development’ programme by YapiKredi. These products are expected to further drive sustainable energy financing, while supporting market growth by increasing awareness.”

Since TurSEFF’s launch in 2010, the EBRD has provided €600 million to six Turkish partner banks for small-scale sustainable energy projects. This includes funding provided by the European Investment Bank and the Japan Bank for International Cooperation.

In addition, the European Union is supporting the facility with funding for technical assistance through its Instrument for Pre-Accession, in close collaboration with the Turkish Treasury and the Ministry of Energy and Natural Resources. This grant funding enables the EBRD to provide expert advice not only to its partner banks but now also to leasing companies as well as to private companies, cities or municipal companies seeking finance for their renewable energy and resource efficiency projects.

More than 860 projects have been financed. These projects are expected to reduce yearly emissions by 2 million tCO2 equivalent, which is comparable to taking 800,000 cars off the roads. The total energy savings achieved equals the electricity consumed by 3 million people in Turkey.

The total installed power capacity under TurSEFF so far for both renewable energy projects and those where power and heat are combined was almost 400 MW. Solar photovoltaic ventures led the ranking with almost 200 MW.


Doğu Star was recognised with the “Best Climate Change Mitigation Project” award. This project, financed by Denizbank, concerns the building and operation of a 2.4 MW landfill gas plant under an agreement with the municipality of Malatya, which will drastically reduce the greenhouse gas emissions in the atmosphere equivalent to the yearly emission of approximately 35,000 cars. Ahmet Çakır, the mayor of Malatya, also received recognition for his commitment to the project.

Esko Enerji received the “Most Innovative Business Model” award.  For this project financed by Denizbank, the client signed a 10 year contract with a hospital in Istanbul assuming both the financial and technical risks of the investment. The project guarantees immediate savings to the hospital’s energy bill, whilst ensuring the quality of the power supply. Esko Enerji is the first energy service company (ESCO) financed under TurSEFF.

YBT Enerjı was awarded the “Best Practice in Solar PV Project Development” award. This project, financed by Isbank, involves the building and operation of a 2 MW solar power plant in Antalya Province (Mediterranean region), ensuring high quality standards.

Elfa Enerji was awarded the “Application of Highest Environmental Standards” award. Elfa Enerji has demonstrated proficiency in developing a wind project applying the highest environmental and social standards. The project is financed by Isbank and is officially registered with the Gold Standard, an internationally recognised voluntary carbon market standard.

Oğullar Asfalt was recognised with the “Best Financial Performance Energy Efficiency” award. Oğullar Asfalt has demonstrated proficiency in increasing their competiveness in the market by drastically reducing their energy costs in a very difficult economic environment. For this project, financed by Vakifbank, an asphalt production line was replaced in their Antalya factory, switching from fuel-oil to LNG, increasing their production capacity and enhancing their energy efficiency.

İlayda Hotel was awarded the “Best Use of Technology Selector” award. The Technology Selector is a very successful tool to streamline small-scale investments below €250,000 with a fast-track approval process. İlayda Hotel has invested in a diversified portfolio of small-scale energy efficiency and renewable energy projects to improve the sustainability of their Hotel in Kuşadası. These projects were financed by Vakifbank.

Saydam Tekstil received the “Best Use of Process Automation” award. Saydam Tekstil has demonstrated proficiency in investing in process automation in their textile factory located in Bursa. With this project, financed by Yapi Kredi, the client is able to better control the production process, reducing energy consumption and minimising faults.

Kılıç Holding was awarded the “Best Rural Electrification Project” award. Kılıç Holding invested in the installation of a 100 kW off-grid solar power plant to replace expensive and polluting diesel generators previously used on Salih Island in Muğla. This project was financed by YapiKredi.


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