Borusan EnBW Enerji A.S has secured $80 million in funding from the European Bank for Reconstruction and Development (EBRD) and the Netherlands Entrepreneurial Development Finance Company to expand renewable energy development.
Borusan EnBW is a joint venture between German utility Energie Baden-Wurttemberg (EnBW) and Turkish conglomerate Borusan Holding and is operating a total of 720MW generated by nine wind farms, two solar projects and one hydropower plant.
Borusan EnBW currently operates Turkey’s largest wind energy portfolio and plans to use the $80 million package to strengthen its balance sheet and reinforce financial sustainability to fund its renewables expansion.
The utility will leverage the loan to equip youths with the skills required to operate an energy system comprising an increasing amount of capacity from renewables.
Borusan EnBW says it also has ambitions to increase the number of women within its workforce and to ensure women are well represented within the country’s energy sector.
The EBRD is delighted to consolidate its partnership with this Turkish-German venture and enable it to step up the delivery of green sources of energy.”
The development follows Turkey expanding its renewables capacity by 50% over the last five years, according to the International Energy Agency (IEA).
In 2019, the country had the fifth-highest level of new renewable capacity additions in Europe and the 15th highest in the world as part of efforts by the government to diversify its energy mix for security and lower emissions.
In particular, bolstered by a supportive policy environment, renewable energy has grown impressively, led by hydropower, solar and wind.”
In 2020, the EBRD supported Borusan EnBW with a loan of $37 million to finance the expansion of the Kiyikoy wind farm in Turkey’s northwest.
