TSKB offering continuous support for wind energy

14 June 2019
- 4 min Read

As a clean source of energy around the world, wind is also considered an excellent alternative in reducing Turkey’s dependence on foreign sources of energy. Drawing attention to the importance of this source of energy on the World Wind Day on 15th June, TSKB contributes to the reduction of approximately 2.5 million tonnes of carbon dioxide emissions each year through the investments in wind farms that it finances.

Increasing use of energy in production is one of the important causes of climate change With a rapidly increasing population and rising demand in the worldWithin the scope of efforts to eliminate the global threat posed by climate change, the importance of alternative and renewable sources of energy as well as energy efficiency is increasing day by day. TSKB pointed out that Turkey offers strong advantages in terms of renewable energy sources due to its geographical characteristics. TSKB has been continuing to allocate resources for wind power plants, which have served as an important driving force of the country's progress in renewable energy since 2006.

The Bank once again indicated that the importance of wind energy, which is among the world's primary sources of clean energy, to mark World Wind Day on 15 June. As of the end of 2018, the Bank participated the financing of wind farms with a total capacity of 1,302 MW, corresponding to about 19% of Turkey's installed capacity for wind energy. TSKB has contributed to the reduction of approximately 2.5 million tonnes of carbon dioxide emissions each year through the wind farm investments that it finances.

Noting that the wind farm investments have played an active role in the efforts to tackle global climate change, the Deputy General Manager of TSKB, Mr. Hasan Hepkaya said: “We examine and evaluate all aspects of the environmental and social impacts of the wind farm investments we have financed. We provide technical support for the studies needed to take the action necessary to minimize the adverse impacts. We play an important role in Turkey's transition to a low-carbon economy through the financing of wind farms, which have a positive impact on access to clean energy."

Mr. Hepkaya also referred to the importance of wind farms in terms of the United Nations Sustainable Development Goals (SDG). “TSKB conducts climate-friendly banking with our loan portfolio, 73% of which consists of sustainable investments. We are delighted to have contributed directly to the realization of a total of seven SDGs, especially “Accessible and Clean Energy”, “Sustainable Cities and Living Spaces” and “Climate Action”, with the investments in wind energy that we finance.”

The rapid growth of wind energy investments in Turkey

Mr. Hasan Hepka also provided some details about wind energy investments in Turkey, and continued with the following: “In Turkey, the use of wind in power generation has exhibited considerable development in the last 15 years. The installed capacity of wind farms stood at just 28 MW in 2006, but had reached 7,085 MW as of April 2019. The investments undertaken by the private sector gained momentum after the Renewable Energy Resources Support Mechanism (YEKDEM) was introduced, especially in the İzmir, Balıkesir, Manisa, Hatay and Çanakkale regions. Meanwhile, the share of wind farms in Turkey's total installed capacity stood at just 0.1% in 2006, but had risen to around 8% as of April 2019. This trend was also observed in electricity generation; as of April 2019, the share of electricity generated from wind in total electricity generated stood at 8%.”