- €25 million to WAT Motor for investment programme
- Loan to be used in value-added electric motors and EV equipment
- WAT Motor to commit to inclusive practices
The European Bank for Reconstruction and Development (EBRD) is providing of a loan of €25 million to WAT Motor Sanayi ve Ticaret A.Ş (WAT Motor) in Türkiye to finance a capex programme that includes capacity investment and green initiatives.
The proceeds of the loan will be used to expand the production of value-added electric motors, as well as the manufacturing of electric-vehicle (EV) charging equipment. In addition, WAT Motor will establish a network of EV charging stations in Türkiye, further promoting e-mobility services.
This project will contribute to a significant, 25,000-tonne reduction in annual CO2 emissions, by facilitating investments in e-mobility solutions and value-added electric motors.
The loan will also require practices aimed at promoting inclusivity in the country’s manufacturing sector. Women are significantly underrepresented in various skills and jobs, particularly in the automotive sector, and WAT Motor aims to increase the percentage of women in its workforce to 25 per cent by 2025.
WAT Motor, a subsidiary of Koç Holding, a prominent industrial player in Türkiye, specialises in the production of high-efficiency industrial electric motor products and EV-charging equipment, contributing to the achievement of energy efficiency targets by reputable and leading manufacturers.
To date, the EBRD has invested more than €18 billion in various sectors of the Turkish economy, largely in the private sector.