EBRD financing to expand renewables capacity in Türkiye

This article is brought to you in association with EBRD.

• Loan to Borusan EnBW Enerji to support renewables in Türkiye 
• Project to expand wind-energy capacity in Tekirdağ and Sivas  
• Borusan EnBW Enerji to enhance gender equality measures 

The European Bank for Reconstruction and Development (EBRD) is providing a loan of US$ 60 million (€55 million) to Türkiye’s Borusan EnBW Enerji to finance the development and construction of 116 MW of onshore wind-energy capacity in Sivas and Tekirdağ.  

Addressing climate change remains a significant goal for Türkiye, which has set itself a net-zero target of 2053. To reach net zero, Türkiye needs around US$ 10 billion of financing per year through 2030, including major strides in the renewables sector.

Borusan EnBW Enerji is one of the leading energy firms in the country, with a portfolio predominantly focused on onshore wind energy. A joint venture company of Borusan Holding and EnBW AG, the firm currently operates 730 MW of renewable installed capacity and will reach an installed capacity of 935 MW once the projects under construction have been finalised.

Successful deployment of new renewable energy capacity in Türkiye will require the support of experienced renewable energy investors such as Borusan EnBW Enerji to accelerate the country’s green transition.

By generating 382 GWh of renewable energy, the windpower expansions will reduce annual CO2 emissions by 243,000 tonnes. 

Aida Sitdikova, Director, Head of Energy Eurasia, Middle East and Africa in the EBRD’s Sustainable Infrastructure Group, reflected on the partnership, commenting: “It is crucial that significant players such as Borusan EnBW Enerji lead the way in Türkiye’s green energy transition. This exemplary project will not only reduce emissions and increase the country’s renewables capacity, but also serve as an accelerator for Türkiye’s climate goals.”

Borusan EnBW Enerji General Manager Enis Amasyali said: “We continue to play an important role in achieving the country’s green transformation and renewable energy targets. The financing provided for new onshore windpower plants with an installed capacity of 116 MW is a concrete indicator of this commitment. With these investments, we will both meet the country’s energy needs more effectively by increasing energy generation capacity and take important steps for a sustainable future. Our Balabanli wind-energy power plant’s (WEPP) capacity extension and Pelit WEPP are of critical importance in ensuring energy-supply security, providing affordable energy supply and combating climate change. Another important pillar of these projects is inclusiveness. Ensuring gender equality in the renewable energy industry and supporting women’s participation in the workforce are among our primary goals.”

As part of the project, Borusan EnBW Enerji will also continue to promote gender equality in the male-dominated energy sector by enhancing equal opportunity policies and increasing women’s representation in technical positions in the field.

Borusan EnBW Enerji will also implement improvements in governance and accountability in relation to climate-related risks and opportunities. These measures will include applying a gender lens to the firm’s climate-related corporate governance practices.  

Borusan began its journey 80 years ago. Today, the group creates value through with more than 14,000 employees in 5 main fields of activity (production, machinery and power systems, automotive, logistics, and energy) across 3 continents and 11 countries.

With a workforce of more than 28,000 employees, EnBW is one of the largest energy supply companies in Germany and Europe. It supplies electricity and gas to around 5.5 million customers.

The EBRD is one of Türkiye’s key investors, with over than €20 billion invested through 450 projects and trade finance limits since 2009, most of it in the private sector.