EBRD lends $80 mln to Turkey's Yapi Kredi in support of SMEs' green projects

The European Bank for Reconstruction and Development (EBRD) said it has provided an $80 million (61.4 million euro) loan to Turkey's Yapi Kredi Bank [BIST:YKBNK] to finance energy efficiency and renewable energy projects of small and medium enterprises (SMEs).

The loan is extended under the EBRD's Turkish Sustainable Energy Financing Facility (turSEFF) aimed at supporting the country's long-term energy strategy, the EBRD said in a statement on Friday.

The $284.2 million facility was launched in 2010 and extended by another $265 million in 2013 in response to the rising demand for energy efficiency and renewable energy investment among Turkish SMEs.

As many as 363 SMEs have received financing through turSEFF so far, while more than 50,000 households have benefited from energy efficient heating and cooling technology, the EBRD said. The project financed have led to the reduction of 686,000 tonnes of carbon dioxide equivalent emissions per year, the bank added.

($ = 0.768 euro)

Choose your newsletter by Renewables Now. Join for free!