The European Bank for Reconstruction and Development (EBRD) is extending a new Turkish Lira-denominated long-term loan equivalent to $110 million to Enerjisa Enerji, one of Turkey’s largest utilities, according to statements released on Nov. 30.
The new EBRD loan will finance the company’s investment plan for 2021-25, which focuses on upgrading the network. The plan includes the introduction of smart metering and smart grid systems, digitalization of the network, improvements to the reliability of power supply, integration of renewables, and environmental, health and safety measures, according to the bank.
Enerjisa Enerji provides electricity distribution and retail in Turkey and currently serves more than 21 million people. The company is a joint venture between Sabancı Holding and E.ON, each holding 40 percent of shares, with the remaining 20 percent being traded on Borsa Istanbul.
In addition, Enerjisa Enerji, in cooperation with the EBRD, has developed a green finance framework, paving the way for more sustainable investments in line with the Green Bond Principles of the International Capital Market Association.
“I am very proud that, together with the EBRD, we have written a new chapter in Enerjisa’s green financing history,” said Michael Moser, chief financial officer at Enerjisa Enerji.
“The new world of sustainable energy, with renewable energy as the key energy source, will only be possible with huge investments in energy infrastructure. In this respect, our newly established, seven-year green financing framework with the EBRD is another milestone in a further push for sustainable energy solutions and huge investment in the Turkish energy system.”
Aida Sitdikova, EBRD director of energy in Eurasia, said: “We applaud Enerjisa’s leadership in attracting green finance and look forward to seeing the company successfully tap into green bonds and loans market as envisaged in its newly developed green corporate finance framework.”
The EBRD is a leading institutional investor in Turkey.It has invested more than 14 billion euros in 353 projects in the country since 2009, with the overwhelming majority of those projects being in the private sector.