Fiba Renewable Energy Signs Loan Agreement with EBRD
Fiba Renewable Energy, one of Turkey's leading companies in the renewable energy sector, has signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) to finance hybrid energy projects. The company, which operates fourteen wind and five solar power plants, aims to contribute to Turkey's green transformation by increasing its capacity.
With the financing provided by EBRD, Fiba Renewable Energy will install solar panels at the Günaydın and Uluborlu Wind Power Plants, which were commissioned in 2012 and 2016 respectively, transitioning them to hybrid status. This transformation will increase total capacity by 75 MW, enabling approximately 24,000 households to meet their annual energy needs from renewable sources. Additionally, the project will significantly reduce environmental pollution by preventing 71,000 tons of carbon emissions.
Growth and Sustainability Vision Murat Özyeğin, Chairman of the Board of Fiba Renewable Energy, highlighted the group's ongoing development vision during the signing ceremony, stating: "As Fiba Group, renewable energy investments play a crucial role in our vision of creating value for people, society, and the planet. We are currently closely monitoring investment opportunities both domestically and internationally with Fiba Renewable Energy. Our goal is to increase our current installed capacity of 581 MW to 737 MW primarily through new hybrid investments by the first quarter of 2025, and to exceed our target of a total of 1,000 MW by mid-2026, aiming to become a regional leader in renewable energy. We place great importance on hybrid projects in achieving these targets, as they are also strategically significant for the future of renewable energy. This financing agreement with EBRD will enhance Turkey's green transformation potential and contribute to energy supply security. In this context, we will continue to grow our investments and contribute to Turkey's sustainable development goals."
Koray Kıymaz, General Manager of Fiba Renewable Energy, pointed out the company's leadership mission in environmental, social, and corporate governance (ESG) areas, stating, "At Fiba Renewable Energy, we adopt an ESG approach in all our projects, aiming to make a difference in the sector through energy efficiency and technological innovations. We carry out all our activities with a sense of social and environmental responsibility, working to create sustainable values throughout our supply chain and management models. I believe that this collaboration with EBRD will significantly contribute to our environmentally and socially responsible activities in the transition process to a green and carbon-free future."
Net Zero Carbon Target by 2040 Fiba Renewable Energy has made a significant contribution to Turkey's carbon emission reduction targets by producing a total of 1,563,409 MWh of clean energy in 2024. The company is among those adopting a net zero carbon target by 2040 by participating in the Science-Based Targets Initiative (SBTi). In this regard, it is enhancing energy supply security through hybrid power plant projects while supporting the local economy. Fiba Renewable Energy continues to support this vision for the future through its projects in the areas of social and environmental responsibility.