Turkish electricity company Enerjisa Enerji signed a new loan agreement worth $110 million (TL 1.4 billion) with the European Bank for Reconstruction and Development (EBRD), the company announced Tuesday.

Enerjisa Enerji will use the loan for digitalization, integration of smart grid systems and renewable energy resources, as well as network investments and operations.

With a seven-year maturity, the loan is provided for the purposes of "inclusive and green" uses and will be based on the Turkish Lira Overnight Reference Rate (TLREF).

The company said it would contribute to its goal of providing sustainable and high-quality energy to 21 million people with these investments.

"The new sustainable energy world with renewable energy as a basic energy source is only possible with huge investments in energy infrastructure. In this respect, our newly established green financing framework with the EBRD with a volume of $110 million in Turkish lira equivalent for seven years is another milestone in being able to further push for sustainable energy solutions and huge investments in the Turkish energy system," Michael Moser, CFO of Enerjisa Enerji was quoted as saying.