EBRD launches $350 mln facility for Turkish energy efficiency projects

ISTANBUL (Turkey), November 20 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said it has launched a $350 million (279 million euro) financing facility jointly with the Clean Technology Fund (CTF) to boost investment in energy efficiency improvements in Turkish homes and help residents reduce their energy bills.

The Turkey Residential Energy Efficiency Financing Facility (TuREEFF) includes $282.5 million from the EBRD and $67.5 million from CTF, the EBRD said in a statement on Wednesday.

The programme combines long-term financial support to Turkish banks and technical advisory services to banks and home-owners to cut energy consumption and reduce household bills. The advisory services are financed by a $10 million grant from the European Union and CTF. TuREEFF will finance improvements such as thermal protection, more efficient heating, domestic hot water supply, mechanical ventilation, air-conditioning, lighting and water as well as the development of renewable energy systems in buildings, the EBRD said.

Local lender Sekerbank was the first bank to join the programme, obtaining a $60 million credit line, for on-lending to home-owners, housing associations, condominiums and cooperatives as well as private service providers in the residential sector to improve energy efficiency.

TuREEFF builds on the success of the Turkey Sustainable Energy Financing Facility (TurSEFF) under which almost $550 million has been provided to small and medium-sized enterprises (SMEs) for energy efficiency or renewable energy investments.

($ = 0.797 euro)

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