$200 Million in Energy Efficiency Loans for Turkey

THE EUROPEAN Bank for Reconstruction and Development (EBRD) is offering $200 million in loans to Turkey for energy efficiency and renewable projects.

The Turkey Sustainable Energy Financing Facility (Turseff) have been discussing the loan from EBRD the bank which will be made available via loans through Turkish lenders such as Akbank, Denizbank, Garanti Bank and Vakıfbank.

Turseff is a credit line dedicated to investing in energy efficiency and renewable energy projects that aims to increase energy savings and decrease carbon emissions. 

Turseff finance spokesman Burak Kartal revealed that industrial companies, commercial enterprises that wish to invest in energy efficiency or renewable energy projects will be able to apply for assistance over the next three years if they submit their proposals for evaluation, Up to $5 million in loans

Kartal added that depending on the project, borrowers may be eligible for up to $5 million in financing.

Within the scope of the project, loans worth up to $300,000 will be available for small-scale commercial projects and $1 million for investments in energy efficiency suppliers, Kartal said.

For a project to be granted a loan, certain performance criteria, such as providing more than 20 percent in energy savings, must be met, Kartal added that energy efficiency projects in the construction sector should save more than 30 percent.

Şevki Acuner, deputy director of EBRD Turkey, said that companies should consider energy efficiency projects not only for monetary savings, but also to benefit their competitive power in the medium and the long term.

“Turkey’s energy need has been surging for the past few years,” said Fatma Dirkeş, finance director of the Frankfurt School of Management and Finance, one of the main financial contributors to Turseff.

“Turkey’s investments in energy are very important in increasing supply and utilising resources more efficiently.”

Wednesday 3rd November 2010

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