TSKB Finances Mutlu Group's WPP Projects

2 March 2020
- 3 min Read

TSKB provided Mutlu Group with funds totaling $83 million as part of financing WPP projects. 74% of TSKB's total loan portfolio consists of sustainability-themed loans, and this accounts for 22% of Turkey's installed capacity at WPPs.

Maintaining its leadership in climate change financing, the Industrial Development Bank of Turkey (TSKB) continues to create funds for wind power plants (WPP), an important driver in Turkey's renewable energy journey. To this end, TSKB extended funds worth $83 million to Mutlu Group's WPP projects. Mutlu Group will use these funds to finance Mutlu 5 WPP of Mutluer Energy having an installed capacity of 44 MW, and Yeniköy WPP of Mutlu Gelibolu with an installed capacity of 48 MW.

74% of TSKB's total loan portfolio consists of sustainability-themed loans, and the Bank now finances a total of 38 WPP projects following the most recent addition of funds extended to Mutlu Group.

Suat İnce, TSKB CEO, underlined the fact that wind was among the world's clean energy resources and offered a good alternative to reduce Turkey's foreign dependency in energy. "Thanks to its geographic features, Turkey enjoys great advantages in terms of renewable energy resources. WPPs have been a driver in Turkey's investments in its renewable energy journey since 2006. Therefore, at TSKB, we prioritize the financing of WPP projects primarily through our sustainable development-based approach. We adopt a multidimensional approach in examining and evaluating the environmental and social impacts of the WPP investments we finance. We provide the necessary technical support in terms of taking action so as to minimize the negative impacts. Through financing wind power plants, which have quite the positive impact in terms of accessing clean energy, we have a significant role in Turkey's transition to low-carbon economy."