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.

Also read: EBRD Invests €21.7 Million in Greece’s Real Estate Sector

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.

UP Catalyst, a leader in renewable carbon materials, has won the prestigious World Economic Forum Carbon Capture and Utilization (CCU) Challenge. The global competition, focused on reducing atmospheric CO2 levels, saw 315 submissions from innovative companies worldwide.

Revolutionizing Carbon Capture Technologies

The CCU Challenge, initiated by Saudi Arabia’s Ministry of Economy and Planning and the Ministry of Energy, supports advanced carbon capture startups. Participants were evaluated on their potential to create impactful solutions for reducing industrial CO2 emissions.

Among those, UP Catalyst’s innovative technology for turning CO2 emissions into valuable carbon-based products stood out.

The winners of this challenge receive tailored support programs with networking opportunities and a percentage of the CHF 300,000 ($333,300) prize purse. UP Catalyst’s patented method maximizes energy efficiency to reduce production time. Thus, it elevates the bar for how materials are produced sustainably.

Also read: Rayonier Partners with Reliant Carbon Capture & Storage to Expand Carbon Sequestration Efforts

Addressing Global Raw Material Challenges

The critical raw material status of graphite in regions like the EU, US, Korea, and Japan adds significant geopolitical importance to UP Catalyst’s technology. By leveraging industrial CO2 emissions as a feedstock, the technology aligns with global sustainability goals and creates valuable products.

The company highlighted that this recognition underscores the transformative potential of its solution to redefine industrial emissions as a resource. It emphasizes that CO2 has greater potential beyond underground storage, marking a shift in sustainable practices.

Future Implications for Sustainability

This recognition validates UP Catalyst’s role in advancing the sustainable use of carbon. The company aims to expand its innovative solutions to global markets, addressing industrial needs while reducing environmental impact.

The CCU Challenge continues to inspire startups worldwide to develop technologies that align with sustainability and energy efficiency. UP Catalyst’s success marks a significant step forward in transforming emissions into opportunities.