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EBRD Supports Wind Power in Turkey

The EBRD, the European Bank for Reconstruction and Development, is providing up to $45 million in financing to Galata Wind Enerji.

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The EBRD, the European Bank for Reconstruction and Development, is providing up to $45 million in financing to Galata Wind Enerji.

Support for the sector

The EBRD wishes to increase the wind capacity of the company Galata Wind Enerji. The objective is to accelerate Turkey’s transition. This new loan will finance up to 50MW of wind power plant expansion projects in Mersin and Balikesir.

Aida Sitdikova, EBRD Director for Energy, Eurasia, Middle East and Africa says:

“Loans like these are critical to enabling the private sector to work toward a renewable future. We are pleased to work with a partner like Galata Wind on this project and will continue to support renewable energy investors in Turkey.”

The important wind potential of Turkey, would amount to 40-50GW against 11GW currently. Indeed, the country’s wind energy sector suffers from limited access to long-term financing.

Accelerating the energy transition

Galata Wind Enerji aims to increase its current portfolio of 269MW to 500-550MW. The company wants to develop wind energy in Turkey and Europe. Moreover, by 2030, the company aims to become a global player in this market.

EBRD is one of the leading institutional investors in Turkey. Since 2009, it has invested over €16.8 billion in 381 projects in the country. In addition, the vast majority of investments are made in the private sector.

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