Fiba’s Kavram Enerji obtains $42 million loan from EBRD
ISTANBUL
The European Bank for Reconstruction and Development (EBRD) is providing a $42 million loan to Türkiye’s Kavram Enerji, owned by Fiba Yenilenebilir Enerji Holding (Fiba Renewables), to finance the construction of solar power plants in the cities of Isparta and Balıkesir.
The proceeds will enable the development and construction of a 55 MW hybrid solar power plant in Isparta and a 20 MW hybrid solar power plant in Balıkesir, EBRD said in a statement.
In line with the country’s climate ambitions, once completed, the solar power plants will reduce the carbon emissions of the Turkish power system by around 37,000 tons annually.
The partnership with Fiba Renewables is part of a series of first investments by the EBRD in scalable hybrid solutions under Türkiye’s hybrid regulation framework, a strategic approach to optimizing renewable energy infrastructure.
The project aims to serve as a catalyst for expanding the country’s hybrid investments on a larger scale, mitigating electricity supply risks and facilitating the rapid deployment of additional renewable capacity, according to the bank.
“We aim to increase our existing installed capacity of 581 MW to 737 MW by the first quarter of 2025, primarily through new hybrid investments, and to exceed our target of 1,000 MW by mid-2026, establishing ourselves as a leading regional power in renewable energy,” said Murat Özyeğin, chair of the Board of Directors at Fiba Renewables.
The EBRD is among Türkiye’s key investors, with almost 22 billion euroes committed through 465 projects and trade finance limits since 2009, most of it in the private sector.
