Highlights
- Loan to Fiba Renewables subsidiary Kavram Enerji for construction of solar power plants
- Project advances hybrid energy installations in Türkiye
- Company to foster gender equality in the energy sector through outreach programmes
The European Bank for Reconstruction and Development (EBRD) is providing a US$ 42 million ( 39.7 million) loan to Türkiye's Kavram Enerji, owned by Fiba Yenilenebilir Enerji Holding (Fiba Renewables), to finance the construction of solar power plants in the cities of Isparta and Balikesir.
The proceeds will enable the development and construction of a 55 MW hybrid solar power plant in Isparta and a 20 MW hybrid solar power plant in Balikesir. In line with the country's climate ambitions, once completed, the solar power plants will reduce the carbon emissions of the Turkish power system by around 37,000 tonnes annually.
The partnership with Fiba Renewables is part of a series of first investments by the Bank in scalable hybrid solutions under Türkiye's hybrid regulation framework, a strategic approach to optimising renewable energy infrastructure. The project aims to serve as a catalyst for expanding the country's hybrid investments on a larger scale, mitigating electricity supply risks and facilitating the rapid deployment of additional renewable capacity. Hybrid power systems, which combine two or more renewable energy sources through a shared connection point, offer enhanced efficiency and reliability, supporting Türkiye's transition to a more sustainable energy future.
Aida Sitdikova, Head of Energy for Eurasia, the Middle East and Africa in the EBRD's Sustainable Infrastructure Group, said: "As a substantial investor in Türkiye, we recognise not only the country's vast renewable energy potential, but also its ambitious targets and robust interest from private players. We are pleased to advance our partnership with Fiba Group into the energy sector and are confident that Fiba Renewables' solar plants will make a significant contribution to Türkiye's energy transition."
Kavram Enerji operates as a subsidiary of Fiba Renewables, one of the leading renewable energy investors in Türkiye, with a total installed capacity of 581 MW. The company is owned by one of the largest conglomerates in the country, the Fiba Group.
Murat Özyegin, Chair of the Board of Directors at Fiba Renewables, emphasised the group's vision of continuous development in a speech at the signing ceremony, saying: "Within the framework of our vision to create value for individuals, society and the world, renewable energy investments hold a very significant place for the Fiba Group. With Fiba Renewables, we are currently in a period of closely monitoring investment opportunities both in Türkiye and abroad.
"We aim to increase our existing installed capacity of 581 MW to 737 MW by the first quarter of 2025, primarily through new hybrid investments, and to exceed our target of 1,000 MW by mid-2026, establishing ourselves as a leading regional power in renewable energy. These projects also hold strategic significance for the future of renewable energy. The financing agreement we have signed with the EBRD will enhance Türkiye's green transformation potential while also contributing to energy supply security. In this context, as a company, we will continue to expand our investments and contribute to Türkiye's sustainable development goals."
Koray Kiymaz, CEO of Fiba Renewables, highlighted the company's mission of leadership in environmental, social, and corporate governance (ESG), stating: "At Fiba Renewables, we adopt an ESG approach in all our projects, creating a difference in the sector through energy efficiency and technological innovations. We conduct all our activities with a sense of social and environmental responsibility, working to generate sustainable value across all aspects of our operations, from our supply chain to our management models. I believe that this collaboration with the EBRD will significantly contribute to our environmentally and socially responsible efforts in transitioning towards a green and carbon-free future."
In addition to enabling carbon reductions, the company will aim to tackle gender inequality in the industry, developing a gender-focused outreach programme to increase awareness of employment opportunities for women in the renewable energy industry.
The EBRD is among Türkiye's key investors, with almost 22 billion committed through 465 projects and trade finance limits since 2009, most of it in the private sector.
