The financing for the leasing operations of AkLease – a highly active company in the energy sector in Turkey – will support renewable energy projects, for which there is a lack of long-term financial resources.
AkLease is a joint venture set up in 1988, called BNP-AK-Dresdner Leasing, by France’s BNP, Turkey’s Akbank and Germany’s Dresdner Bank. The Turkish bank Akbank became its majority shareholder in 2005, and today owns over 99% of Aklease’s capital. Aklease has a nationwide presence via eight regional offices and over 960 Akbank branches. It is one of Turkey’s leading leasing companies and is very active in the energy sector.
Proparco’s credit line will be earmarked to finance Aklease’s leasing operations in the renewable energies sector, particularly for small-scale solar photovoltaic power plants. It is the third operation signed between Proparco and Aklease since 2007.
This operation will provide long-term financial resources that are not available on the local market to finance renewable energy projects. It will contribute to increasing Turkey’s power generation capacity in a context of increasing demand. It will promote an increase in the share of renewable energies in Turkey’s energy mix and will, more generally, encourage the banking sector to finance renewable energy projects.