Plans by Turkish energy company Akenerji to increase its installed capacity to 3000 MW in the next five years have won the support of the International Finance Corporation (IFC).
The IFC, part of the World Bank, has approved an eight-year, $75 million loan for Akenerji to support the development of renewable energy projects. The loan will help to boost generating capacity in Turkey without increasing greenhouse gas emissions.
Akenerji is one of Turkey’s largest private energy companies, generating around one per cent of electricity in the country through a portfolio of 373 MW at eight hydropower plants. It plans to increase output to 3000 MW in five years.
“Akenerji is one of the first companies in Turkey investing in renewable energy, and we will continue our investments,” said Ahmet Umit Danisman, Akenerji CEO. “Akenerji, which is currently generating 1 per cent of Turkey’s electricity, will increase its market share to 7-8 per cent when the company reaches its five-year target of 3000 MW installed capacity.”
Compared to conventional thermal power plants of similar capacity, the project will help displace about 250 000 tons of carbon emissions a year, fulfilling one of IFC’s strategic priorities. Globally, in fiscal year 2009, IFC invested over $1 billion in energy efficiency, renewable energy, and other climate-friendly investments.
