Galata Wind received 45 million in financing from the European Bank for Reconstruction and Development (EBRD) to boost its wind power-producing capacity and aid Turkey in making the switch to sustainable energy. With the aid of this loan, Galata Wind will be able to fund capacity expansion plans for already operational wind farms, thereby raising the total operational installed power of the business. With 269 MW of installed electricity, Galata Wind is one of Turkey’s top investors in renewable energy. Currently, the company runs 3 wind farms and 2 solar farms, producing roughly 800,000 MWh of electricity yearly.
Turkey’s wind farms currently have an installed power of about 11 GW. A lack of long-term funding is one of the reasons Turkey’s estimated 40–50 GW of wind power generation capacity is not yet being fully utilised. According to Aida Sitdikova, Director of Energy Eurasia MEA, Sustainable Infrastructure Group, EBRD, Turkey’s green strategy has to go forward more quickly: “These loans are effective in terms of helping the private sector to strive toward a renewable future. On this project, we are happy to work with Galata Wind. We will maintain our support for Turkish investment in renewable energy.
Galata Wind’s CEO, Burak Kuyan, stated “The company’s performance has allowed it to gain the confidence of reputable international financial organisations like the EBRD: “As a company that generates clean and renewable wind and solar power, Galata Wind grew through 61 in 2021 and continued to deliver a successful financial performance in the first six months of 2022. We had an increase of 188 years over year and saw revenues of TL 518 million.”
Galata Wind’s anticipated capacity expansions to produce an additional 150,000 MWh of power per year might lower carbon emissions by as much as 80,000 tonnes. The EBRD’s efforts to encourage the private sector’s involvement in the production of renewable energy are expanded with the loan given to Galata Wind, supporting Turkey’s quick transition to clean energy. Since 2009, the EBRD, a significant international financial institution, has contributed more than €16.8 billion to the financing of 381 projects, the majority of which are in Turkey’s private sector.