GCPF strenthens partnership with Sekerbank, Turkey
Luxembourg, 5 November 2015 – GCPF has expanded the existing facility with SekerBank to a total outstanding loan volume of USD 30 million, with a maturity of nine years.
SekerBank became GCPF’s first partner institution in 2011. Since then, the bank has significantly expanded its energy efficiency portfolio. The new agreement for a credit line of USD 20 million increases the total outstanding loan volume to USD 30 million. The funding will primarily be used to finance building insulation and solar thermal systems. The renewal of this partnership demonstrates that energy efficiency lending has been a profitable and growing part of the bank’s credit portfolio.
Turkey’s energy demand has one of the fastest growth rates in the OECD in recent years, and electricity is primarily generated by coal - a fuel with a high CO2 emission factor - and imported gas. Energy efficiency has an important role to play in managing energy supply and demand, and financing offers from local banks are crucial for implementing relevant solutions.
Zeki Önder, Executive Vice President of SekerBank, commented on the agreement, “Lending for energy efficiency purposes is a core part of SekerBank’s strategy, so we are glad to extend our partnership with GCPF. The nine-year maturity of the GCPF facility provides a stable funding base that will be used to grow the energy efficiency portfolio. Over the past years there has been substantial financing demand for projects such as building insulation, and this demand is expected to grow in the coming years.”
Claudia Arce, Chairperson of the GCPF Board, explained “SekerBank has been one of the leading institutions in energy efficiency lending in the region. By teaming up with local financial institutions such as SekerBank, GCPF can ensure that it meets its objective of sustainably promoting the development and use of energy efficiency in the world’s growth markets.”
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