The European Bank for Reconstruction and Development (EBRD) is lending US$150m to Türkiye’s Enerjisa Enerji to support post-earthquake reconstruction and renewable energy projects.
The financing will be used to rebuild and modernise the electricity distribution network in the Toroslar region, which was heavily damaged during the February 2023 earthquakes that killed more than 55,000 people.
The area represents around one-third of Enerjisa Enerji’s total operations.
In addition to reconstruction, the funds will be directed towards the development and construction of solar power plants, enabling the company to provide sustainable energy solutions to its corporate customers.
The EBRD said the project would contribute to reducing distribution losses and carbon emissions while advancing Türkiye’s green agenda.
The initiative also coincides with the launch of the Board Director Nomination Toolkit for Companies in Türkiye, led by the EBRD to promote diverse and effective company boards. Enerjisa Enerji will work with the bank to raise awareness of the toolkit within the energy sector.
Matteo Patrone, the EBRD’s Vice President for Banking, said: “I have seen first hand that reconstruction in the Toroslar region is not a short-term task. It requires long-term commitment, clear strategic direction and the kind of trusted partnership that we have with Enerjisa Enerji.
“Reliable, sustainable power is fundamental to both human well-being and economic recovery.”
Philipp Ulbrich, CFO of Enerjisa Enerji, added: “This long-term financing worth US$150m equivalent in Turkish lira is showing that Enerjisa Enerji is able to finance its profitable growth also within a challenging environment.
“The well established partnership with EBRD is strengthening our strategic steps toward sustainable growth.”
Since 2009, the EBRD has committed more than €22bn to Türkiye through 495 projects and trade finance limits, primarily in the private sector.
[Image caption: Enerjisa signing. Image credit: EBRD]
