Luxembourg and Istanbul, July 3, 2020 – The Green for Growth Fund (GGF) has provided a senior loan of EUR 20 million to longstanding partner Yapı Kredi Leasing in Turkey. This fourth GGF investment into the institution will be used to expand the availability of renewable energy (RE), particularly rooftop PV for self-consumption at industrial facilities.
Installing RE equipment can help businesses cut costs, energy consumption, and CO2 emissions. As the country’s largest leasing provider with an extensive RE portfolio, Yapı Kredi Leasing is ideally positioned to expand the availability of such measures to businesses across the country. The new loan will be used particularly to bolster the institution’s offer of PV installations. By promoting increased uptake of RE solutions, the investment is expected to save 38,614 MWh of energy and reduce 8,138 tons of CO2 emissions per year.
GGF Chairman Olaf Zymelka stated: “Yapı Kredi Leasing has been an important partner of the GGF since 2010. Time and again we have seen the successful conversions of our various investments made in the past, and we are optimistic about this investment translating into more businesses increasing their use of renewable energy – helping them reduce their energy costs as well as CO2 emissions.”
Yapı Kredi Leasing General Manager Fatih Torun said, “As an environmentally conscious institution, we display great sensitivity to protect natural resources and to use them in the most efficient way. Our 10-year partnership with the Green for Growth Fund serves our common goal; development through several meaningful projects. We believe that the contribution of companies in the struggle against climate change is significant. We will help businesses reduce costs, energy consumption and CO2 emissions in line with the understanding of creating sustainable value for all our stakeholders and setting an example for all sectors. We will continue to maintain our pioneering position with innovative practices in sustainable financing, climate change and its impacts.”
ABOUT THE GGF
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.
For more information see www.ggf.lu and follow us on Twitter @GreenGrowthFund
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