The European Bank for Reconstruction and Development (EBRD) is providing a USD $65 million loan to Türkiye’s Polat Enerji to finance the development and construction of a 77 megawatt (MW) hybrid solar and wind power facility in Türkiye.
Funding for the project also includes a concessional loan of up to US$ 5 million from the Clean Technology Fund, bringing the total financing package for Polat Enerji to US$ 70 million. The concessional loan will fund the battery storage component of the project.
The funding will be used to finance the development and construction of a 30.8 MW expansion to the company’s operating wind power plant portfolio, as well as a 46.6 MW solar plant and a 10.0 MWh battery storage project, both co-located with Polat Enerji’s Geycek wind power plant.
The project will be Türkiye’s inaugural battery storage initiative, combining windpower, solar energy and battery storage in a single location.
One of the early movers in the wind energy sector, Polat Enerji is one of the leading renewable investors in Türkiye, with 654 MW of installed capacity, generating 2 GWh of energy per annum through six power plants, predominantly wind facilities.
Türkiye continues to work on its ambitious climate goals, including a net-zero target of 2053. Expanding the country’s renewable energy capacity remains one of its primary strategies. Successful deployment of new renewable energy capacity will require the support of experienced renewable investors with an advanced pipeline and battery storage solutions.
As part of the project, the company will also commit to implementing improvements in governance and accountability on climate-related risks and opportunities.
