EBRD is extending up to $100 million in financing to Adnan Polat Enerji Yatirimi as part of a funding package jointly provided by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi, and Garanti BBVA.

The new EBRD loan will help APEY develop a further 203MW in renewable energy capacity in the next three years. The investment aims to provide a fresh boost to the renewable energy sector in Turkey.

APEY is one of the sector’s prominent players in Turkey with a total installed capacity of 695MW under two subsidiaries Erguvan RES (110MW) and Polat Enerji (585MW). Maxis, an Is Group private equity investment fund, shares ownership in APEY with Polat Holding.

The expansion includes 53MW in wind and 150MW in solar capacities, which will prevent the emission of approximately 154,000 tonnes of CO2 each year from the Turkish power system by generating 438,000GWh of electricity per year.