Akfen Wind Power



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

20 Jun 2018



PSD disclosed:

08 May 2018

Project Description

Provision of long-term senior debt financing of up to USD 65 million (approximately EUR 53 million equivalent) to finance the construction of a 242 MW wind farm portfolio owned and controlled by Akfen Yenilenebilir Enerji A.S. in Turkey. The portfolio comprises three wind farms located in the province of Canakkale and one wind farm located in the province of Denizli.

Project Objectives

The project will be developed under the Renewables Energy Resources Support Mechanism  (YEKDEM) implemented by the Turkish government offering feed-in tariffs to projects to stimulate  private investment in wind generating power assets. It will support Turkey's move to a more environmentally sustainable and diverse electricity sector by exploiting the country's vast renewable energy potential.

It is expected to improve the environmental characteristics of Turkey's power sector by reducing emissions of local pollutants and CO2, as well as to increase private ownership of generation capacity.

Transition Impact

ETI score: 60

The project will support Turkey in increasing the share of renewable energy in the country's energy mix, decreasing reliance on imported gas and it will contribute to the realisation of the Turkish government's target of installing circa 27GW of non-hydro renewable generation capacity by 2023, 20GW of which is expected to be wind.

Client Information


The Borrowers will be four special purpose vehicles incorporated in Turkey for the sole purpose of developing, constructing and operating the wind farms. The borrowers are ultimately owned and controlled by Akfen Yenilenebilir Enerji A.S.

Akfen Yenilenebilir Enerji is owned by Akfen Holding A.S., Turkey (73.4%), EBRD (13.3%) and IFC (13.3%).

EBRD Finance Summary

USD 48,638,134.00

A senior secured loan of up to USD 65 million (approximately EUR 53 million equivalent). The financing package will be complemented by approximately USD 205 million export credit agency (ECA) - covered loan provided by a commercial lender. The ECA-covered loan will be guaranteed by four commercial Turkish banks.

Total Project Cost

USD 347,450,546.00

Approximately EUR 308,000,000 equivalent.

Environmental and Social Summary

Category B (2014 ESP). Environmental and social risk and impacts associated with the development of four wind power plants can readily be mitigated through the implementation of the management and mitigation measures included in the Environmental and Social Action Plan (ESAP). The wind plants under development are: Ucpinar (99MWe), Kocalar (26 MWe) and Hasanoba (51 MWe) in Canakkale province and Denizli (66MWe) in Denizli Province. All projects have been permitted in line with local requirements.

The Bank, together with the IFC, have an existing equity in the company and the new wind projects are being developed in line with the existing corporate Environmental and Social Action Plan (ESAP). As part of current financing, an independent consultant was retained to undertake additional Environmental and Social Due Diligence (ESDD) of the wind portfolio under development.

The ESDD has confirmed that the company is satisfactorily implementing the existing ESAP and has the capacity to implement the Bank's Performance Requirements (PRs) and that the wind portfolio is structured to comply with the Bank's PRs. The ESDD also included a review of the sponsor's capacity to construct and operate the projects in accordance with the Bank's PRs, particularly with regard to having sufficient environmental and social capacity in place to satisfactorily perform the proposed measures for contractor management and project implementation.

The ESDD confirmed that none of the sites are in a sensitive area in terms of human receptors, birds or bats. The development of the wind projects will also not be associated with the resettlement. In terms of the Hasanoba site, the ESDD identified that this site is located near to an existing wind farm and close to a bird migratory route. Therefore additional ornithological reviews and cumulative assessments are being undertaken and additional mitigation measures in terms of an active turbine management plan are being developed in line with best practices.

Non-Technical Summaries (NTS) have been developed for the Project and can be downloaded below and are available on the Company web site:

  • Ucpinar  English / Turkish,
  • Kocalar English/Turkish
  • Hasanoba English /Turkish
  • Denizli English /Turkish.

An ESAP has been developed for the site specific projects, which builds on the existing corporate ESAP.

The Bank will monitor the development of the Project.

Technical Cooperation and Grant Financing


Company Contact Information

Ozgur Uzunoglu
+90 (212) 319 8700
+90 (212) 319 8730
Ilkbahar Mahallesi Turan Gunes Bulvari Galip Erdem Cad. No: 3 06550 Cankaya Ankara

Implementation summary

The Project financed the construction and operation of four wind farms ("WPPs") with an installed capacity of 269 MW in the Canakkale and Denizli regions of Turkey, managed by Akfen Renewables.  Construction of the wind farms was completed in October 2019 and the Project is operational since.  Production level of the Project is above expectations contributing to the reduction of CO2 emissions and supporting green transition.

The agreed Environmental and Social Action Plan ("ESAP") is being implemented by the Borrowers and was designed to mitigate potential adverse environmental and social aspects associated with the construction and operation of the WPPs.

PSD last updated

28 Sep 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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