European bank invests $100M in local energy firm

Published 10.05.2019 01:41

The European Bank for Reconstruction and Development (EBRD) has acquired stocks worth $100 million in Turkey's İçtaş Yenilebilir Enerji Yatırımları, a subsidiary of IC İçtas Energy.

An agreement for the investment was signed Wednesday during the EBRD's annual meeting and business forum in Sarajevo, the capital of Bosnia-Herzegovina .

İçtaş Yenilebilir Enerji Yatırımları runs 10 hydropower plants and hopes to use the money to make an investment in wind farms and solar projects.

EBRD First Vice President Jurgen Rigterink said, "As a shareholder, we are committed to helping the company grow into a leading producer of renewable energy."

"We also look forward to a new regulatory support scheme for renewables, which we hope will unlock further investments in the sector and help Turkey switch to domestically sourced green power generation."

Chairman of IC İçtaş Energy Serhat Çeçen said: "We are committed to increasing our existing renewable portfolio of 400 megawatts [MW] with the support of our long-time financial and business partner, while ensuring that Turkey's rich natural resources are effectively and efficiently used in electricity production, as envisaged in Turkey's 2023 strategy."

Established in 1991 to facilitate reconstruction in Central and Eastern Europe after the Cold War, EBRD has to date made investments worth over 130 billion euros ($145 billion) in around 5,200 projects.

A leading institutional investor in Turkey, the EBRD has invested over 11 billion euros in 283 projects in the country since 2009.

This year, the EBRD event has the theme "Connecting Economies for Stronger Growth," with a focus on ways to "connect economies for strong growth and impact, both in the Western Balkans and beyond," according to its website. At the three-day event, which started Tuesday, some 3,000 attendees

– experts, officials, businesspeople, environmental specialists and entrepreneurs are discussing topics such as global trade, blockchain, digitization, tourism and migration.

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