TSKB and VakıfBank Extend USD 80 Million in Loan Support

20 September 2023
- 3 min. Read

Industrial Development Bank of Türkiye (TSKB) and VakıfBank jointly offered USD 80 million in financing support for the new investment by green technology manufacturer Pomega Enerji Depolama Teknolojileri (Pomega Energy Storage Technologies).

Industrial Development Bank of Türkiye (TSKB), which has for 73 years pursued its mission of sustainable development, and VakıfBank, one of Türkiye’s largest banks by asset size, jointly extended USD 80 million in financing to Pomega Enerji Depolama Teknolojileri, comprising USD 60 million for investment and an additional USD 20 million in operating loans.

The signing ceremony for the loan took place with the participation of Hasan Hepkaya, TSKB Executive Vice President, İlhan Alpdağ, Head of Corporate Loans at VakıfBank, and Sami Aslanhan, Chairman of the Board at Pomega. During the ceremony, it was emphasized that the ‘LIFEPO4’ battery cell production factory, which will be established through equal financing support from TSKB and VakıfBank, represents an industry milestone with its secure and environmentally friendly technology.

‘The first phase was commissioned in 2023’

In August 2022, Pomega inaugurated its Giga Plant with a capacity of 500 MWh/year in Polatlı, Ankara. The factory’s first phase, which was completed thanks to VakıfBank’s financial support, aspires to contribute significantly to Türkiye’s Sustainable Development Goals by manufacturing products for extensive storage needs in power plants, national grids, and industrial facilities. This facility, which stands out due to its production approach grounded in renewable energy sources, utilization of domestic resources for energy storage solutions, low carbon emissions, zero waste practices, and commitment to circular economy principles, is being meticulously designed in accordance with LEED sustainable green building criteria. Upon the completion and commissioning of all three phases of the investment, there will be employment opportunities for a total of 600 individuals.