Senior loan of EUR 25 million to new GGF partner to increase uptake of renewable energy, energy efficiency, and resource efficiency measures in the country

Annual primary energy savings of approximately 58,000 MWh expected and CO2 emission reductions estimated at 13,000 tons


Luxembourg and Istanbul, July 20, 2020 – The Green for Growth Fund (GGF) has provided a senior loan of EUR 25 million to new partner DenizBank. The investment will increase access to green finance for renewable energy (RE), energy efficiency (EE), and resource efficiency (REff) projects in Turkey, contributing to the country’s goal to transition to a greener economy.

Established in  1997, DenizBank has an extensive nation-wide network, about 750 branches around the country. The investment is largely intended to strategically boost lending for RE measures such as installation of rooftop PVs by industrial clients, but will also be used in part to expand EE and REff measures such as the expansion and modernization of equipment by agribusinesses. Expected energy savings are estimated at 58,375 MWh each year, preventing over 13,065 tons of CO2 emissions annually.

GGF Chairman Olaf Zymelka stated: “The GGF is delighted to establish this new partnership with DenizBank, an institution that is strongly committed to providing financing for environmentally sustainable measures. There is a clear demand in Turkey for ways to reduce energy consumption and transition to more renewable energy sources, which aligns with GGF’s mission to enhance energy and resource efficiency and increase the uptake of renewable energy. Especially in times like these, where local businesses are particularly impacted by the economic effects of the COVID-19 crisis, it is important to ensure their continued access to financing that helps them reduce their carbon footprint and save costs.” 

DenizBank Treasury and FI Group Executive Vice President Bora Böcügöz stated: “Energy efficiency and renewable energy investments are of vital importance for the present and future of Turkey. DenizBank has always played a substantial role in financing investment projects in the energy sector, aiming to offer the maximum leverage for the sectors that are engines of economic growth. As DenizBank, we continue to work having such perspective in mind, and contribute to financing of environmentally conscious energy projects. With this loan, we will facilitate investments that will allow producers and companies to both increase their energy efficiency savings and generate more renewable energy. We are more than happy to support producers and companies facing difficulties in accessing funds during this challenging global pandemic that we all are going through.”



The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners. 

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor. 

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DenizBank started its journey when it was acquired by Zorlu Holding in 1997 from the Privatization Administration in the form of a banking license. The Bank’s shares were acquired by Dexia, one of the leading finance groups of Europe in October 2006, and later by Sberbank, the largest bank of Russia, on September 28, 2012. As of July 31, 2019, the Bank was transferred to Emirates NBD, also among the largest institutions in its region.

Aiming to create a “financial supermarket”, gathering various financial services under one roof, DenizBank Financial Services Group has 749 branches in total, including subsidiary branches and close to 14 thousand employees serving in 81 provinces of Turkey, five domestic and three international financial subsidiaries, six domestic non-financial subsidiaries and a branch in Bahrain. DenizYatırım, Deniz Real Estate Investment Trust, DenizPortfolio Management, DenizLeasing, DenizFactoring, Intertech, DenizKültür, Ekspres Bilgi İşlem ve Ticaret, Deniz Card Payment Systems, Açık Deniz Radio – TV and Bantaş are the group’s domestic subsidiaries while Eurodeniz, DenizBank AG and DenizBank Moscow are its international subsidiaries.


Media contact GGF
Merle Römer
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171

Media contact DENIZBANK
Emek Kaplangil
Manager Corporate Communications & Media Relations
Phone: +90 (0)212 348 57 84