Turkish firm joins EBRD’s resource efficiency program

An Istanbul-based leasing company Aklease became the first Turkish leasing company to join the European Bank for Reconstruction and Development (EBRD) program.

In a written statement, the EBRD said Aklease will attend the European bank's renewed Turkey Sustainable Energy Financing Facility (TurSEFF), which is designed to enhance the resource efficiency of local small- and medium-sized enterprises (SMEs) and support the use of renewable energy sources.

A loan amounted €25 million ($29.6 million) for Aklease is expected to boost leasing as a tool to meet financial needs of local enterprises.

"It will fund leases of equipment for energy and water efficiency, waste minimization and small-scale renewable energy investments, among others. The loan is part of a $110 million financing package organized by the Netherlands Development Finance Company (FMO)," the EBRD said.

The other financing parties include the Green for Growth Fund (GGF) and the OPEC Fund for International Development (OFID), it added.

Arvid Tuerkner, EBRD Managing Director in Turkey, said: "We are excited for Aklease to become our first leasing partner to support resource efficiency in Turkey. Leasing is an attractive and valuable alternative to traditional bank financing. "

Linda Broekhuizen, FMO's Chief Investment Officer said: "FMO is proud to have arranged this successful syndicated loan agreement for Aklease, bringing a strong group of investors to Aklease. It will enable Aklease to continue its growth in renewable energy projects and helps support job creation in the country through SMEs."

Senol Altundas, Aklease CEO said: "We are extremely proud of being the first leasing company to participate in the EBRD's TuRSEFF programme. To date we have already financed almost 120 megawatts of solar energy and 60 megawatts of wind energy investments, and we will continue to finance the renewable energy and energy efficiency investments that are in our current pipeline, through TurSEFF funds."

Aklease is Turkey's one of the leading leasing firms in renewable energy field. The company provides leasing solutions across sectors and finances machinery and equipment.

Under the TurSEFF program almost 1,000 projects have been financed so far.

Seen as a major investor in Turkey, the EBRD has invested over €9.5 billion ($11.2 billion) in various sectors in Turkey since 2009.

In 2017, the Bank signed at least 30 projects in Turkey worth over €1.2 billion ($1.4 billion). This amount is expected to exceed €1.5 billion ($1.7 billion) in investment by the end of 2017.