EBRD, IFC buys stakes in Akfen renewable unit for $200m

EBRD, IFC buys stakes in Akfen renewable unit for $200m

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation have acquired stakes in Turkey’s Akfen Renewable Energy to help fund its plans to boost renewable energy capacity to 1GW.

Akfen Renewable Energy is a subsidiary of infrastructure group Akfen Holding and it invests in renewable energy projects, particularly solar and hydro plants.

The company’s total operational capacity is 211MW but it has various other projects currently under development.

The banks have each purchased a 16.67% stake and the capital injection of US$200 million should help the company become one of the biggest renewables producers in Turkey.

Hamdi Akn, Akfen Holding chairman said: “The equity financing will be used for the construction and development of new projects and the expansion of current renewable energy investment projects.”