BAKU, Azerbaijan, September 2. The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $207 million to the Turkish Enerjisa Enerji company for the expansion and modernization of its electricity network.
This information was posted on the official website of the EBRD.
According to the EBRD, the loan will be provided in the equivalent of Turkish lira and will be directed to the expansion and modernization of the company's Başkent electricity distribution networks covering Ankara and surrounding cities, Ayedaş covering the Asian part of Istanbul, as well as Toroslar located in the central-southern part of the country.
The EBRD noted that the project is supported by the first-loss risk guarantee under the Hi-Bar guarantee program of the European Fund for Sustainable Development Plus (EFSD+). The program supports sustainable investments aimed at the energy transition in the economies of the European Neighborhood.
"The main objectives of the project include reducing losses in the electricity network, increasing the reliability of energy supply, reducing the duration and frequency of power outages, as well as strengthening the company's cybersecurity capabilities. 98% of the loan is classified as green financing," the statement said. The bank indicated the reduction of electricity losses and related carbon emissions among the expected results.
The project also includes providing technical assistance in the amount of 75,000 euros to assess and strengthen the cybersecurity capabilities of Energisa Enerji.
Energisa Enerji is one of the main private companies engaged in the distribution and retail of electricity in Turkey, serving approximately a quarter of the country's population.
The company is a joint venture between Sabancı Holding and the German company E.ON. Each of the parties owns a 40% stake in the company, while the remaining 20% of the shares are freely traded on the Istanbul Stock Exchange.
