EBRD to offer $350m in funds for energy efficiency improvements in Turkey

The European Bank for Reconstruction and Development (EBRD) will offer $350m in funding for energy efficiency improvements in Turkey.

Of the total funding being provided, around $282.5m will come from the EBRD and the remainder $67.5m will be provided by the Clean Technology Fund (CTF) to the Turkey Residential Energy Efficiency Financing Facility (TuREEFF).

TuREEFF provides financial support to Turkish banks and technical advisory services to banks and home-owners to reduce their energy costs.

The European Union and CTF are providing a $10m grant for the advisory services.

Works under the improvements include thermal protection, efficient heating, lighting and water apart from the development of renewable energy systems in buildings.

Sekerbank will receive a $60m credit line for on-lending to home-owners, housing associations, condominiums and cooperatives as well as private service providers in the residential sector for energy efficiency enhancements.

EBRD Turkey director Michael Davey said: "At the EBRD we believe that investing in more energy efficient homes delivers high value for money. We encourage households across Turkey to make energy efficiency improvements in their homes.

"Financing and advice are available via Sekerbank and we expect more local banks to join the programme in the near future."
TuREEFF follows the Turkey Sustainable Energy Financing Facility (TurSEFF), which was introduced in July 2010.

Small and medium-sized enterprises (SMEs) have secured about $550m under TurSEFF for energy efficiency or renewable investments.

The $284.2m TurSEFF was extended by an additional $265m in 2013 to address the demand for energy efficiency and small-scale renewable energy investments among SMEs.