EBRD loan to support Team Agro’s first geothermal greenhouse project

December 3, 2024 by The Sting's Team Leave a Comment

This article is brought to you in association with EBRD.

US$ 30 million loan to finance Team Agro’s first geothermal greenhouse project and support working capital needs
Project to support sustainable agricultural practices, reduce carbon emissions and enhance water conservation
Investment will also help to increase women’s representation within the agricultural sector in an underdeveloped region of Türkiye

The European Bank for Reconstruction and Development (EBRD) is providing a US$ 30 million loan to Türkiye’s Team Agro Gıda Sanayi Ve Ticaret, helping the company to finance its first geothermal greenhouse project and meet its working capital needs.

The company’s newly built geothermal greenhouse in Aksaray, which is dedicated to tomato production, will use advanced agricultural techniques such as soilless agriculture and drip irrigation. These methods are expected to improve yield and quality, enhance water conservation and reduce the firm’s carbon footprint by leveraging sustainable energy sources.

Team Agro, which was established in 2014, trades in soft commodities such as sugar, corn, wheat and sunflower seeds, as well as engaging in licensed warehousing. The company has recently decided to diversify its operations, moving into innovative geothermal greenhouse farming, and has a strong vision for its future growth.

This EBRD-financed project will have significant benefits in terms of climate mitigation and adaptation, including an estimated annual saving of 18,540 tonnes of carbon emissions thanks to greener energy use and estimated annual water savings of 655,875 m3 thanks to the use of advanced irrigation methods.

The project will also focus on inclusivity, with Team Agro reinforcing its commitment to creating more job opportunities for women in a relatively underdeveloped region of Türkiye. With persistent gender disparities in the agricultural farming sector in rural Türkiye, the development of new subsectors such as geothermal farming can offer women new opportunities for high-quality salaried jobs and participation in more sustainable value chains.

Natalia Zhukova, the EBRD’s Head of Food and Agribusiness, said: “Investing in sustainable farming and greenhouse technology is more than just an environmental choice; it’s a commitment to ensuring resilient ecosystems and fostering innovation for a greener tomorrow. We are pleased to be partnering with Team Agro, whose innovative investments will contribute strongly to the sustainability of the agricultural sector in Türkiye.”

Selim Oğul, the CEO of Team Agro, said: “This project represents a milestone in Team Agro’s innovation and sustainability journey. By embracing geothermal greenhouse farming, we are not only enhancing food security and environmental stewardship, but also creating meaningful opportunities for women in agriculture. Together with the EBRD, we are building a future rooted in resilience, inclusivity and growth for Türkiye’s agricultural sector.”

The EBRD is one of Türkiye’s key investors, with more than €21 billion committed through 461 projects and trade finance limits since 2009, most of it in the private sector.

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