EBRD Provides $42 Million Loan for Solar Power Projects in Türkiye

The EBRD granted a $42 million loan to Kavram Enerji, a Fiba Renewables subsidiary, for the financing of two solar power plants in Türkiye. The loans will fund the development of a 55 MW hybrid solar plant in Isparta and a 20 MW plant in Balikesir, boosting renewable energy in Türkiye.

Carbon Emissions Reduction and Supporting Türkiye's Climate Goals

After commissioning both power plants, carbon emissions into the atmosphere will reduce for Türkiye by around 37,000 tonnes each year. This fits into ambitious country-wide climate objectives: speeding up the country's changeover to a better alternative, sustainable energy system. As part of its hybrid energy approach, the facility promotes a mix of diverse power sources that help bring forth more efficient and reliable production with renewables.

Strategic investment from EBRD

This is the EBRD's first foray into hybrid energy solutions in Türkiye and is an increasingly important part of the development of renewable energy. Hybrid power systems combine several renewable energy sources through a common connection point, maximizing efficiency and reliability. In addition, the EBRD's partnership with Fiba Renewables will boost hybrid energy investments, strengthen energy security, and accelerate renewable growth.

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EBRD's Commitment to Türkiye's Energy Transition

Aida Sitdikova, Head of Energy for Eurasia, the Middle East, and Africa at EBRD, said, “As a substantial investor in Türkiye, we recognise not only the country's vast renewable energy potential, but also its ambitious targets and robust interest from private players."

Fiba Renewables leads the Turkish renewable energy market with a total installed capacity of 581 MW. Furthermore, it will increase this capacity to 737 MW by Q1 2025 and continue growing with new hybrid energy projects. By mid-2026, Fiba Renewables will have exceeded 1,000 MW and will be one of the regional leaders in renewable energy.

Besides their efforts in the environment, Fiba Renewables works to put an end to gender inequality in the renewable energy sector. The company is also developing projects to raise awareness among women and create job opportunities, promoting greater gender inclusion.