EBRD extends financing for Turkish wind project: The European Bank for Reconstruction and Development (EBRD) is providing a USD 60 mn (EUR 55 mn) loan to Turkish renewable energy firm Borusan EnBW Enerji for building a 116 MW onshore wind energy project in Sivas and Tekirdağ, according to a statement.

Details are scant: The Balabanli wind-energy power plant’s (WEPP) capacity extension and Pelit WEPP would help generate 382 GWh of renewable energy, according to the statement. Such expansions could help slash CO2 emissions by 243k tons annually.

About the company: Borusan EnBW Enerji — a joint venture between Turkish conglomerate Borusan Holding and German energy supplier EnBW — is one of Turkey’s leading energy firms with a focus on onshore wind energy. It currently operates 730 MW of renewable installed capacity with plans to reach 935 MW after the completion of its current projects.

More funding needed for net zero: Turkey has set an ambitious target to reach net zero by 2053 which will require USD 10 bn in financing annually through 2030, EBRD notes in the statement.

EBRD 💚Turkey: The EBRD invested USD 90 mn in Turkish multinational snack manufacturer Ulker’s first sustainability-linked Eurobond issuance last month. It also provided a USD 25 mn loan to Turkish leasing firm Garanti Finansal Kiralama last year for on-lending to green businesses. Turkey’s Galata Wind also secured a USD 45 mn loan from the bank in November 2022 to finance up to 50 MW of capacity expansions in two wind power plant projects in Mersin and Balikesir.

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