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    Turkey's Adnan Polat bags EBRD debt for 203 MW of wind, solar


    September 7, 2022 - SeeNews Renewables

     

      September 7 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) will extend up to USD 100 million (EUR 101m) in debt to back the construction of 203 MW of wind and solar parks in Turkey.

      The loan, which was approved in July, will be provided to Turkish firm Adnan Polat Enerji Yatirimi. It is part of a financing package jointly offered by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi (TSKB) and Garanti BBVA, EBRD said on Monday.

      Adnan Polat, a 50/50 joint venture of Polat Holding and Maxis, a private equity fund of Turkey's financial services provider, will allocate the fresh capital to bankroll the construction of 53 MW of wind and 150 MW of solar photovoltaic (PV) parks to produce around 438,000 GWh of electricity per year. The capacity is planned to be installed over the next three years.

      According to EBRD’s website, the project will require an overall investment of USD 285 million.

      Adnan Polat currently owns 695 MW of installed renewable energy capacity through its subsidiaries Erguvan RES and Polat Enerji.

      (USD 1.0 = EUR 1.010)

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