The European Bank for Reconstruction and Development (EBRD) approved a $110mn (€96.93mn) loan to Turkish distributor Enerjisa Enerji to modernise the Turkish electricity distribution network.
The loan is part of the distributor's 2021-25 investment plan and envisages the introduction of smart metering and grid solutions, while aiming to improve security of supply and strengthen the company's ability to support the addition of more renewable energy sources, EBRD said. The $110mn loan will be given in Turkish lira.
Enerjisa recognises renewables and investments in energy infrastructure are key, the company's chief financial officer, Michael Moser, said. The new seven-year green finance framework that EBRD developed along with the Turkish distributor, will promote such investments, the announcement said. Enerjisa's affiliate power generator company Uretim, recently announced a $70mn (€61.80mn) investment in a 68.4MW wind farm project in Turkey.
EBRD has invested €2.7bn in sustainable infrastructure projects in Turkey. The country aims to add 10GW of renewable capacity by 2027, Turkish president Recep Tayyip Erdogan said earlier this month.