The European Bank for Reconstruction and Development (EBRD) is supporting the green transition of Türkiye’s Ulusoy Un with an €80m ($83.03m) loan.
The EBRD’s loan is aimed at boosting the company’s renewable energy capabilities and enhancing energy efficiency.
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It includes a $9.5m contribution from the Clean Technology Fund (CTF) as part of the bank’s High Climate Impact Programme.
These funds are earmarked for a series of renewable energy projects, including the development of solar power plants in central Türkiye and pioneering efforts to establish wind power plants in the western part of the country.
Ulusoy Un’s move into wind energy represents a significant step for the sector, as corporate investment in wind power remains relatively uncommon in Türkiye due to project complexities, especially when compared to solar initiatives.
The concessional nature of the loan will facilitate Ulusoy Un’s adoption of advanced climate governance practices, substantially reducing its carbon footprint.
The loan is structured to encourage compliance with the Taskforce on Nature-related Financial Disclosures-aligned practices.
This ensures that Ulusoy Un not only mitigates climate risks but also addresses broader environmental challenges.
EBRD food and agribusiness head Natalia Zhukova said: “Currently, only a limited number of companies in Türkiye’s food processing industry disclose climate-related risks or have targets to reduce greenhouse gas emissions in line with best practices.
“We at the EBRD hope that by supporting Ulusoy Un in that project we can set an example in the sector of what should be done to protect the environment, reduce the carbon footprint, and be in line with the Paris Agreement in a sector that is a significant contributor to global carbon emissions and vulnerable to climate change.”
With more than €21bn ($21.79bn) invested in Türkiye since 2009 across 461 projects, primarily in the private sector, the EBRD continues to be one of the country’s leading investors.
This latest loan to Ulusoy Un underscores the bank’s commitment to fostering environmental sustainability and climate resilience within Türkiye’s agri-foods industry.
Ulusoy Un chair of the board Eren Günhan Ulusoy, commented: “At Ulusoy Un we care about the future and aim to reduce our carbon footprint by focusing on renewable energy in our investments. In this regard, we are pleased to have signed a loan agreement of €80m with the EBRD.”
In November 2024, Serbia launched its second renewable energy auction that focuses on wind and solar projects, backed by the EBRD.
