GGF AND AKLEASE SIGN FIRST LOAN AGREEMENT TO BOOST EE AND RE EQUIPMENT LEASING
- Credit line expands Aklease's capacity for leasing energy efficient industrial machinery
- Leases funded by the credit line estimated to generate energy savings of 22,000 MWh and CO2 reductions of 4,800 tons annually
Luxembourg and Istanbul, 11 September 2014 - The Green for Growth Fund, Southeast Europe (GGF) expanded its base of partner institutions in Turkey with the signing of its first loan agreement with Ak Finansal Kiralama A.S. (Aklease). The loan totaling EUR 20 million will go towards financing leases for energy efficiency (EE) and renewable energy (RE) equipment.
The leasing contracts funded with the loan are expected to yield energy savings of 22,000 MWh and CO2 reductions of 4,800 t per year, approximately. The loan will enable Aklease to continue building its EE leasing experience and strengthen its capacity to provide long-term financing for EE projects. Aklease, one of Turkey's leading leasing companies, is active throughout the country. As a subsidiary of Akbank, it is supported by the parent's branch network of around 1,000 outlets throughout Turkey.
"Turkey is a fast growing market when it comes to EE and RE measures, and I am very happy that Aklease is now also part of our network of partner institutions there," says Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. "Turkey is one of the GGF's largest country portfolios, and having this important partner on board will enable us to maximize the Fund's environmental impact in the country."
"As the pioneer of the Turkish leasing industry in energy efficiency and renewable energy financing, we support investments in ecofriendly technological projects, waste recycling, carbon emission reduction and productivity enhancement. The EUR 20 million loan agreement for EE and RE projects is another step for us in contributing to sustainable development in Turkey. We will continue to be the solution partner of choice for providing most advantageous financing for renewable energy and energy efficiency projects," says Tuncer Mutlucan, CEO of Aklease.
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ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)
The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund's investment activities, the GGF's Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing base of committed investors comprises donor agencies, international financial institutions and institutional private investors, and includes the International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO), and the Development Bank of Austria (OeEB). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and the technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.
* This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence
Aklease was founded in 1988 and is fully owned by Akbank, Turkey's most valuable banking brand .Since its inception, Aklease continues to provide creative and cost-effective long term leasing solutions in a variety of different sectors. With EUR 1.2 billion in net lease receivables in Q2 2014, Aklease ranks among the biggest three leasing companies in Turkey. Aklease is represented at the Board of Director's of the Financial Institutions Union of Turkey, which was established in 2013 to govern Financial Leasing, Factoring and Financing Companies. Aklease, with its environmental and social management system, financed the first wind turbine plant in Turkey. This project has helped to establish Aklease as the industry's leading leasing company in renewable energy.
For more information, please visit www.aklease.com
Media contact GGF
Phone: +49 (0)69/977 876 50-320
Media contact Aklease
Senior Vice President, Head of Finance
Phone: +90 212 386 96 50