The European Bank for Reconstruction and Development (EBRD) has provided Ulusoy Un of Türkiye with a loan of €80 million dedicated to financing its long-term investments in renewable energy and increasing the company’s capacity in energy-efficient production. Through the loan and an additional contribution of €9 million from the Clean Technology Fund, Ulusoy Un is embarking on further steps toward enhancing its sustainability standards.

Financing Renewable Energy and Wind Power Projects

Ulusoy Un will invest the loan in renewable energy, primarily focusing on developing solar power plants in central Türkiye. Additionally, the company will pioneer wind power plant projects in western Türkiye, an area where corporate adoption of wind energy has been slow due to the complexity of such projects compared to solar power.

This will allow Ulusoy Un to build on Türkiye’s renewable energy segment, diversify its energy structure, and invest in wind power.

Also read: EBRD and EU Invest in Vlasinske Hydropower to Boost Serbia’s Clean Energy Transition

EBRD’s Support for Climate Action in Türkiye’s Food Sector

Natalia Zhukova, EBRD Head of Food and Agribusiness, said, “Currently, only a limited number of companies in Türkiye’s food processing industry disclose climate-related risks or have targets to reduce greenhouse gas emissions in line with best practices.”

She added, “We at the EBRD hope that by supporting Ulusoy Un in that project we can set an example in the sector of what should be done to protect the environment, reduce the carbon footprint, and be in line with the Paris Agreement in a sector that is a significant contributor to global carbon emissions and vulnerable to climate change.”

Dr. Eren Günhan Ulusoy stated that Ulusoy Un focuses on the future, aiming to reduce its carbon footprint through renewable energy. He expressed satisfaction with signing an €80 million loan agreement with the EBRD.

Commitment to Climate Governance and Sustainability

The structure of the loan will also enhance Ulusoy Un’s adoption of best corporate practices in climate governance, which can help the firm reduce its carbon footprint. Notably, the loan will assist Ulusoy Un in aligning with the Taskforce on Nature-related Financial Disclosures (TNFD), ensuring the company addresses broader environmental risks while mitigating climate change impacts. This positions Ulusoy Un as a sustainability leader within the agri-foods industry.

EDP Renewables North America LLC has commissioned three new utility-scale solar projects with a combined capacity of 400 MW. The projects are part of a growing collaboration with Microsoft, which has entered into long-term virtual power purchase agreements (VPPAs) to procure 389 MW of renewable energy and renewable energy credits (RECs). The projects strengthen the partnership, expanding their total operational portfolio in the US to five projects between the companies.

Located in Southern Illinois and Texas, the three new solar projects have been strategically positioned to contribute significantly to local economies and the country’s clean energy goals. The 140 MW Wolf Run and 110 MW Hickory Solar Projects launched in November 2024, followed by Cattlemen II in December.

One notable aspect of the Hickory Solar Project is its alignment with Microsoft’s Environmental Justice PPA (EJ PPA), a program developed in partnership with Volt Energy Utility, LLC. This initiative will support communities that face challenges from pollution and climate change. The EJ PPA will support the Sharing the Power Foundation by funding clean energy access, air, water, and workforce training.

Commitment to Renewable Energy and Community Growth

Sandhya Ganapathy, CEO of EDP Renewables North America, said, “The importance of ensuring benefits flowing from renewable energy development directly into communities has never been more important.”

She added, “Through these three additional projects, we’re keeping our promise – and indeed the industry’s promise – to contribute to the nation’s growing energy demand and in that process invest in long-lasting economic growth of our communities.” 

Kourtney Nelson, Senior Director of Renewable Energy Procurement at Microsoft, expressed excitement about the achievement of commercial operations for the projects, noting their role in supporting grid decarbonization through clean energy generation. She also shared satisfaction with the collaboration between EDPR NA and Volt Energy Utility on the Hickory project, highlighting the positive impact it would have through community grants and its investment in developing future renewable energy leaders.

Also read: EDP Signs Solar Power Agreement with Microsoft for 200 MW Project in Singapore

Economic Impact and Local Community Benefits

These solar projects have already delivered significant economic benefits to local communities. The Illinois projects, Wolf Run and Hickory, contributed $4.8 million to landowners and millions in local taxes for services. The Illinois projects also created 500 construction jobs and five permanent roles.

The Cattlemen II Solar Project in Texas has followed suit, generating millions in tax revenue for the local school district and government, in addition to creating 300 construction jobs. These projects have spent over $10.4 million during construction, helping local businesses like service providers, hotels, and restaurants.