TSKB Grants EUR 25 Milion Loan to Balıkesir Elektromekanik Sanayi Tesisleri A.Ş.
TSKB (Industrial Development Bank of Türkiye) has entered into a new loan agreement of EUR 25 million with Balıkesir Elektromekanik Sanayi Tesisleri A.Ş. (BEST) to facilitate the company’s investment in a transformer testing laboratory dedicated to renewable energy. The company, benefiting from both medium-term working capital financing and investment financing provided by TSKB, aims to enhance its growth in both domestic and international markets through the loan.
TSKB (Industrial Development Bank of Türkiye) remains committed to supporting initiatives centered around quality development and sustainable investments. The Bank has recently signed a 7-year loan agreement, providing Balıkesir Elektromekanik Sanayi Tesisleri A.Ş. (BEST) with EUR 25 million to facilitate their investment in a transformer testing laboratory. TSKB is not only supporting the investment financing for the transformer testing laboratory of BEST but also providing medium-term working capital financing to facilitate the company’s growth in both domestic and international markets.
BEST, Türkiye’s largest power and distribution transformer manufacturer, boasts an extensive product range that encompasses power transformers, distribution transformers, dry transformers, and special type transformers. The company, where Yırcalı Holding holds a majority stake, exports over 70 percent of its production to more than 85 countries. BEST aims to use its production resources more efficiently and contribute to the Turkish economy through additional investments within the scope of the project financing provided by TSKB, along with creating additional employment opportunities.
TSKB CEO Murat Bilgiç: “We view access to finance with a sustainability focus as a crucial element for driving green transformation”
Highlighting the renewable energy sector as a significant focal point in the transition to a low-carbon economy, TSKB CEO Murat Bilgiç commented, “Currently, the share of renewable energy in Türkiye’s total installed capacity has reached 55 percent. At TSKB, we represent 15% of Türkiye’s installed capacity in this field with the support we have been providing since 2002. Türkiye’s geographical structure and climate create a conducive environment for the development of various forms of clean energy. While solar and wind energy are more prominent, we anticipate a continued upward trend in financing for hybrid systems and SPP projects for domestic consumption. Energy and resource efficiency, waste management, and circular economy investments are also crucial for companies operating in energy-intensive sectors. These sectors, which will also be impacted by Carbon Border Adjustment Mechanism, must undergo rapid transformation. We view access to finance with a sustainability focus as a crucial element for driving green transformation. From this perspective, we consider the signed loan agreement with BEST as a crucial step in strengthening our country’s position in the renewable energy sector. We aim to enhance the company’s service quality by supporting its new laboratory investment in its respective field. Simultaneously, we will bolster BEST’s expansion in both local and international markets by providing medium-term working capital financing in conjunction with investment funding.”
Rona Yırcalı, Chairman of the Board of BEST: “We aspire to elevate BEST’s turnover to EUR 500 million by the year 2024”
Rona Yırcalı, Chairman of the Board of BEST, made the following comments during the signing ceremony for the loan: “Our company stands out as one of the few capable of fulfilling the growing demand for transformers driven by the surge in renewable energy investments and low carbon emission objectives, particularly in North America and the Middle East. Ensuring that our production flexibility aligns with rising demand and market expansion is crucial. With the establishment of our new testing laboratory, we intend to enhance our capacity in power transformer production, ultimately elevating BEST’s turnover to EUR 500 million by the year 2024.”
