The European Bank for Reconstruction and Development (EBRD) has become a partner of Akfen Holding's renewable energy companies.

According to a written statement released by Akfen Holding, the ERBD has decided to buy a 20 percent share in a new energy company which will gather the conglomerate's subsidiaries which operate in the renewable energy sector under a single umbrella. The ERBD will transfer a fund of $100 million to the company, which will bring together the subsidiaries of Akfen Holding that are engaged in renewable energy; notably, Akfenhes Investments and Energy Generation, Inc. and Akfenres Wind Energy Investments, Inc. The new energy company will also include the Karine Power Generation Industry and Trade, Inc., which will be taken over by Akfen Holding in accordance with a signed transfer contract.

The CEO of Akfen Holding, Süha Güçsav, said that investments in the energy sector are of major importance for the company's growth objectives. "The funds that the ERBD will transfer to the renewable energy company and its ongoing investments will be used in the actualization of new investments," he added.

Güçsav also said that the partnership agreement signed with the ERBD will be an important step for Akfen Holding, as it seeks to become one of the major players in the renewable energy sector.