Galata Wind Gets $45 Million EBRD Loan For Wind Projects

The European Bank for Reconstruction and Development (EBRD) is extending up to $ 45 million in financing to Turkish firm Galata Wind Enerji AS to boost the company’s wind capacity and accelerate Turkey’s transition to a clean energy future.

According to the official statement of Galata Wind, the new loan from EBRD will finance up to 50 MW of planned wind power-plant extension projects in Mersin and Balikesir region. This will further strengthen the operational capacity of Galata.

Galata Wind claims to be one of the leading renewable energy investors in Turkey, with 269 MW of installed capacity, predominantly in wind. The majority of shares in the company belong to Dogan Sirketler Grubu Holding, with the remainder publicly traded.

Turkey’s significant wind energy potential, estimated at 40-50 GW, is underutilised due to limited access to long-term financing. Galata held that currently, the operational capacity of wind power plants in the country stands at 11 GW.

Aida Sitdikova, EBRD Director for Energy, Eurasia, Middle East and Africa, emphasised the need to accelerate the green agenda in Turkey, saying, “Loans like these are instrumental in allowing the private sector to work towards a renewable future. We are happy to be working with a partner like Galata Wind on this project and we will continue to support renewable investors in Turkey.”

Burak Kuyan, CEO, Galata Wind, stated, “In future, we aim to increase our current 269 MW portfolio to 500-550 MW. We want to do this in Turkey and regionally, as well as in Europe. By 2030, we aim to become a global player. The financing we have obtained from the EBRD will make a significant contribution to achieving our medium- and long-term goals. As Galata Wind, we will continue to invest in renewable energy.”

The Galata Wind loan aligns with the Bank’s strategy of promoting a swift transition to clean energy in Turkey by supporting private-sector participation in renewable energy generation.

The EBRD is a leading institutional investor in Turkey. It has invested more than €16.8 billion in 381 projects in the country since 2009, the overwhelming majority in the private sector.