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An industrial bank in Turkey is getting an $85 million loan in order to help mid-sized companies invest in renewable energy, a European lender said.
The European Bank for Reconstruction and Development said it provided the loan to the Industrial Development Bank of Turkey, known by its Turkish initials TSKB, to support a wide-range of renewable energy programs, from wind power to energy efficiency schemes.
Suat Ince, the CEO of the Turkish bank, said sustainable investments represent about 60 percent of the loan portfolio already. The EBRD loan, he said, is a vote of confidence for the Turkish economy and supports renewable financing, a top investment priority.
"By providing financing to mid-cap companies to undertake green investments, the EBRD is contributing to their sustainable development and to the improvement of the overall competitiveness of the Turkish economy," Arvid Tuerkner, the EBRD's managing director for Turkey, said in a statement.
The government estimates energy demand is on pace to increase at around 6 percent per year through 2023. In order to keep up, an estimated $110 billion in investments are needed, more than twice as much as was invested in electricity capacity over the last 10 years.
By 2023, the government aims to increase the share of renewable energy resources to 30 percent. Geothermal energy by then will represent 1,000 megawatts, solar will account for 5,000 MW and wind 20,000 MW.
Coal, however, dominates the energy sector. The government said its 2023 goals include increasing the installed capacity for coal-fired power from 17.3 gigawatts to 30 GW.
The EBRD said its work with seven Turkish banks has lead to the installation of 1 GW of renewable energy to date.
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