Fiba Group unit Seeks EBRD Loan for 75 MW Solar Project in Turkey

The European Bank for Reconstruction and Development (EBRD) is considering providing up to USD 42 million (EUR 37.7 million) in financing to a subsidiary of Turkey’s FIBA Group for the development and construction of two solar power projects with a combined capacity of 75 MW.

The loan, if approved, will be granted to Kavram Enerji Yatirim Uretim ve Ticaret AS, a FIBA Group unit, for the implementation of these solar projects, which will be co-located with two existing wind farms owned by the company.

The first project involves the installation of a 55-MW solar farm at the 61-MW Uluborlu wind power plant in Isparta province. The second project will see a 20-MW solar capacity added to the 21-MW Gunaydin wind farm in Balikesir province. Together, the two solar facilities are expected to generate 100 GWh of clean electricity annually.

The EBRD loan will cover the full cost of the projects, estimated at USD 42 million. The financing is currently under review, with final approval expected by October 22, 2024.

Both the Gunaydin and Uluborlu solar projects have received environmental impact assessment (EIA) approvals from Turkish authorities. No additional infrastructure, such as energy transmission lines or external access roads, will be required.

Kavram Enerji is a subsidiary of Fiba Renewables, a renewable energy arm of FIBA Group, which operates a portfolio of 581 MW in Turkey, comprising 553 MW of wind and 28 MW of solar capacity.