The Turkey Development and Investment Bank (TKYB) is set to provide $310 million more financing to Wind Power Plant (WPP) projects throughout 2021 as the bank aims to reach a total of $822 million in financing at year-end, TKYB Chairperson Ibrahim Öztop said Monday.
The TKYB has been instrumental in meeting the annual energy needs of 475,000 households, thanks to the 626 megawatts WPP projects it has financed and started to operate. The bank has also been working to help reduce Turkey’s dependence on energy imports.
The TKYB will now play a role in meeting the annual energy needs of 700,000 households by ensuring that a total of 920 megawatts of WPP installed capacity will be reached with the WPP investments that it will finance in 2021.
The TKYB contributes to the reduction of 1.65 million tons of carbon dioxide emissions with the WPP investments it finances.
Öztop further stated that green energy resources are of international importance and emphasized that WPP's importance is gradually increasing as climate change threatens the whole world.
Noting that 10% of the WPP projects carried out in Turkey in 2020 were financed by the TKYB, Öztop said: "We see it as our responsibility to provide financial support to wind power plants, which play a major role in our country's renewable energy power ... Some 33% of the energy projects the bank finances, in terms of installed power, are WPP projects."
"As the bank, we have supported a total of 23 WPP projects to date," Öztop noted, adding that they constitute an installed power of 626 megawatts, with the total amount of financing provided to these projects reaching $512 million.
Öztop stated that, in addition to providing financial support to projects, they carry out environmental and social risk assessment studies per international standards for each project, regardless of the investment subject and amount.
"As of the end of 2020, renewable energy and energy efficiency projects constituted some 57% of our loan portfolio and sustainability," he informed.
The bank has so far provided loans of around TL 1.2 billion ($143 million) to 309 energy investments with an installed capacity of approximately 2,870 megawatts.
"We play an important role in the transition of our country to a low-carbon economy with the financing of wind power plants, which are very important in accessing clean energy," he further added.