OPIC to provide USD 250m for green energy, SMEs in Turkey

Sep 27, 2012 - US agency Overseas Private Investment Corporation (OPIC) said Wednesday it approved USD 250 million (EUR 194m) in financing for green energy and energy efficiency projects, and small and medium-sized enterprises (SMEs) in Turkey.

Turkish Akbank (ISE:AKBNK) will use the funding to expand its lending for renewable energy and energy efficiency investments and to SMEs. Akbank's shareholder, US bank Citigroup (NYSE:C), is the US sponsor of the project.

The development finance institution said its loan would help Turkey meet its target of having renewable electricity account for 30% of its portfolio by 2023. The project will also support the US Department of Energy's Near Zero Zone (NZZ) programme to help industrial companies in the Izmir Ataturk Organized Industrial Zone implement cost-effective upgrades to cut energy consumption. The programme is undertaken in partnership with other US government bodies and the Turkish government and aims to show the benefits of energy efficiency investments.

(USD 1.0 = EUR 0.778)

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