GGF and DenizBank Expand Access to Green Finance in Turkey with EUR 25 Million Investment
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.