EBRD to Provide $65 Million Loan to Polat Energy
The European Bank for Reconstruction and Development (EBRD) will provide a loan of $65 million to Polat Enerji for the development and construction of a 77-megawatt hybrid solar and wind energy facility. According to EBRD, the project financing also includes up to $5 million of concessional financing from the Clean Technology Fund, bringing the total financing package for Polat Enerji to $70 million. The concessional loan will finance the project's battery storage component.
The financing will be used for the development and construction of a 46.6 MW solar plant at the same location as Polat Enerji's Geycek wind farm, as well as a 10.0 MWh battery storage project, in addition to a 30.8 MW expansion of the company's operational wind farm portfolio.
The project will be Turkey's first battery storage initiative that integrates wind energy, solar energy, and battery storage in a single location. Aida Sitdikova, Head of Energy for Eurasia, the Middle East, and Africa at EBRD's Sustainable Infrastructure Group, stated, "With new, ambitious renewable energy targets, Turkey needs visionary and innovative players to create meaningful impact. We are proud to support Polat Enerji in setting a new milestone for battery storage deployment in the rapidly growing intermittent renewable energy sector and advancing Turkey's first solution that integrates wind, solar, and battery components. Our commitment to supporting the nation's green energy transition continues resolutely."
As part of the project, the company will also commit to implementing improvements in governance and accountability regarding climate-related risks and opportunities. Neşet Özgür Cireli, Member of the Board of Polat Enerji, highlighted the company's commitment to advancing Turkey's renewable energy targets through innovative solutions such as battery storage systems. He noted that Polat Enerji continually supports a sustainable future both in Turkey and globally by focusing on renewable energy investments.