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IFC’s $75 Million Investment in Akenerji to Boost Renewable Energy in Turkey

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Özlem Dağgez        

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Istanbul June 24, 2010—IFC, a member of the World Bank Group, and Akenerji signed an eight-year $75 million loan agreement to support development of Akenerji’s renewable energy projects that will help meet Turkey’s growing energy demand by increasing the country’s total combined installed generation capacity.

Akenerji is one of Turkey’s largest private energy companies with an active installed generation capacity at eight hydropower plants.  The project will significantly contribute the company’s plans to increase its generation capacity to about 3,000 megawatts in five years from 373 megawatts, and thus help Turkey increase new power generation capacity from clean energy resources.  

“Akenerji is one of the first companies in Turkey investing in renewable energy, and we will continue our investments,” said Ahmet Umit Danisman, Akenerji CEO.  “Akenerji, which is currently generating 1 percent of Turkey’s electricity, will increase its market share to 7-8 percent when the company reaches its five-year target of 3,000-megawatt installed capacity.”

Compared to conventional thermal power plants of similar capacity, the project will help displace about 250,000 tons of carbon emissions a year, fulfilling one of IFC’s strategic priorities.  Globally, in fiscal year 2009, IFC invested over $1 billion in energy efficiency, renewable energy, and other climate-friendly investments.

Dimitris Tsitsiragos, IFC Acting Director for Southern Europe and Central Asia, said, “As global demand for energy grows and the economic and environmental costs of fossil fuels increase, developing local renewable energy resources becomes essential to sustainable development.  IFC is pleased to support the development of Turkey’s renewable-energy capacity through this partnership with Akenerji, one of the leading private generators in the country.”

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit

About Akenerji

Since its foundation in 1989, Akenerji has been active in renewable energy sector, seeking to develop opportunities with privatizations and alternative energy resources. To diversify its power generation portfolio, Akenerji is boosting its investments for renewable energy. Aside from 373-megawatt installed generation capacity, Akenerji operates eight hydropower plants and a 900-megawatt capacity natural gas plant. For further information, visit