Supporting renewable energy development in Turkey

Galata Wind Enerji (Galata Wind) is a Turkish company that has been developing and operating renewable energy power plants for more than 10 years. The company is 73% owned by Doğan Holding, one of the country's largest conglomerates, active in the energy, media, industry, trade, insurance and tourism industries. In 2023, Galata Wind operated a portfolio of 5 power plants with a combined installed capacity of 269 MW.

This USD 25m of  financing from Proparco will contribute to the construction of a 43 MWp solar power plant near Bursa, in northwest Turkey, and associated in a hybrid format to the Taşpınar wind power plant (67 MW), in operation since November 2020. Once commissioned, the Taşpınar solar power plant will help increase Galata Wind's electric production beyond 1,000 GWh per year by 2025, up from 794 GWh in 2022.

This loan from Proparco to Galata Wind Enerji enables the growth of a company fully dedicated to the development of renewable energies, in a market buoyed by high political targets.

This financing is expected to:

• Provide new or improved access to electricity to more than 24,000 people
• Contribute to creating or maintaining 1,380 jobs over the next 5 years
• Contribute to avoiding 20,800 tCO2e per year

The financing will contribute to SDG 7 (“Affordable and clean energy”), SDG 8 (“Decent work and economic growth”) and SDG 13 (“Climate action”).