News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/energy-efficiency/green-for-growth-fund-promotes-energy-efficiency-in-turkey.html

The south-east Europe arm of the Green for Growth Fund is set to invest €20m in the expansion of Turkish leasing company Yapi Kredi Finansal Kiralama’s energy efficiency leasing programme, which will help small- and medium-sized enterprises (SMEs) in the region cut energy consumption by at least 20 per cent.

Established by the European Investment Bank and the KfW (German Development Bank) to invest in energy efficiency and renewable energies, the fund provides refinancing packages to financial institutions alongside investment into energy service companies and renewable energy projects.
Yapi Kredi Leasing, an affiliate of Turkey’s leading bank Yapi Kredi that holds a 21 per cent market share in the country, plans to use the proceeds of the loan to finance the installation of facilities or equipment that reduce energy consumption.
Complemented by a technical assistance package to provide capacity-building assistance, the investment aims to plug a lack of sustainability financing mechanisms in Turkey, where there is a particular lack of loans with medium- to long-term maturities.
The loan, which is expected to finance around 200 energy efficiency leasing projects in Turkey leading to energy savings of at least 20 per cent, is the second loan that the fund has made to a Turkish financial institution to develop Turkey’s market for energy efficiency.
‘Yapı Kredi Leasing has a strong reach into SMEs and is keenly interested in expanding its business in energy efficiency projects. With the support of the Green for Growth Fund, [it] will continue to help its SME customers to reduce their energy costs and consumption,’ said Nurgün Eyüboğlu, Yapı Kredi Leasing board member.