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Turkey power retailer gets $100m to upgrade network

EBRD announced a two-year response package of $1.62 billion for the recovery of earthquake-hit regions in Turkey EBRD
EBRD announced a two-year response package of $1.62 billion for the recovery of earthquake-hit regions in Turkey

The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $100 million to a Turkish electricity distribution and retail company to upgrade its power network in the country’s earthquake-hit region.

The Turkish company Enerjisa Enerji will use the investments to modernise and reconstruct its distribution network in the Toroslar region.

The project will supply energy for the more than 163,000 residents in communities affected by the earthquakes on February 6, 2023.

Enerjisa Enerji serves more than 21 million people, or around a quarter of the country’s population.

The company will work closely with the regional recovery and development centre, established by the Toroslar regional chambers, to support the strategic planning of human capital, income generation and sustainable economic development initiatives.

Following the quakes, EBRD announced a comprehensive two-year response package of €1.5 billion ($1.62 billion). The package includes credit lines to individuals and companies affected by the earthquakes, as well as infrastructure investments and support for small and medium-sized enterprises and private sector partnerships.

“Our partnership with Enerjisa will ensure uninterrupted electricity distribution in the affected cities and support a stronger and more sustainable reconstruction of the region,” said Aida Sitdikova, director for energy, Eurasia, Middle East and Africa at EBRD.

The loan proceeds will also allow Enerjisa Enerji to reduce its losses and CO2 emissions by 82,000 tonnes per year.

The EBRD has invested more than $ 20.63 billion so far in the Turkish economy, mainly in the private sector.

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