news - Fresh boost to renewables energy sector in Turkey

The European Bank for Reconstruction and Development (“EBRD”) and FMO are providing a fresh boost to renewables energy sector in Turkey with a new USD80m loan to Borusan EnBW Enerji A.S. Under EBRD’s syndication program, FMO provided a USD40m B-Loan Participation.

The company is a prominent renewable energy sector company and a joint venture between the German utility Energie Baden-Württemberg (EnBW) and the Turkish conglomerate Borusan Holding. Their 720 megawatts of installed and fully operational capacities consist of one hydro-electrical power plant, two solar plants, and nine wind farms. The company has the largest wind portfolio in Turkey.

The EBRD’s and FMO’s long-term loans will strengthen Borusan EnBW Enerji’s balance sheet for portfolio expansion.

The expected transition impact of this transaction will result from supporting the development of the green economy, safeguarding Turkey’s green agenda by backing one of the prominent renewable sector players in Turkey and enabling Borusan EnBW Enerji to maintain and develop its renewable energy pipeline growth during the coming years. 

As part of this EBRD/FMO transaction, Borusan EnBW Enerji will also develop and implement a project for young people to acquire skills required in the renewable energy sector. This project will provide support for women who remain underrepresented in Turkey’s renewable energy industry and overall labour market.

With these transactions, FMO continues to support several high impact investments of key players in the Turkish economy. Within FMO, Turkey is currently one of largest countries in the portfolio.