A credit line to Garanti Bank to develop renewable energies in Turkey

Garanti Bank is Turkey's second largest private bank and stands out for its leadership in financing renewable energies: the bank has now become the leader in financing wind farms and is continuing to work to develop the market. An example is the development in 2014 of a specific product to support small-capacity solar projects.

This credit line earmarked for renewable energies and energy efficiency aims to assist Garanti Bank in achieving its ambitious objective of developing financing for REN projects. Indeed, the bank aims to contribute to financing 400 MW of wind capacity and 400 MW of solar capacity a year by 2017.

This project will have positive impacts on Turkey's financial sector, by supporting an innovative and particularly dynamic bank in the SME and microenterprise sector. This financing will not only increase the share of REN projects from 50 to 60% of the bank's portfolio, but also to supporting small-capacity solar projects (< 1 MW). Proparco's previous credit lines to Garanti Bank contributed to financing 530.4 MW of wind capacity and 56 MW of hydropower capacity, reducing CO2 emissions by at least 466,559 tons. Finally, this project will support the recruitment of 12,400 people over the next 5 years, particularly women.