The European Bank for Reconstruction and Development (EBRD) will providing $55m in new funds to Turkish lender Isbank to finance private companies investing in renewable energy and resource efficiency projects in Turkey, reported Hydroworld.

The financing, supported by a $2.1 million grant from the European Union , will benefit renewable energy and resource efficiency projects in Turkey including hydropower, other renewable energy sources and waste minimization projects, Hurriyet Daily News. The investments comes under EBRD’s recently expanded Mid-size Sustainable Energy Financing Facility (MidSEFF), with a total $1.63b in funds. About 50 projects have been financed through seven Turkish banks under the facility, helping to build over 900MW of additional renewable energy capacity.

Investing in sustainable energy and resource efficiency is a strategic priority for EBRD in Turkey. Almost half of the bank’s total portfolio in Turkey is in sustainable energy. Additionally, since 2009, EBRD has invested more than $3.26b  in more than 75 renewable energy projects. EBRD is also working closely with the Turkish Ministry of Energy and Natural Resources and has helped develop the country’s first National Renewable Energy Action Plan to attract more investment in renewable energy projects. The Bank has also supported the preparation of a National Energy Efficiency Action Plan, which is expected to include a wide range of sector-based resource efficiency measures aimed at achieving Turkey’s 2023 energy efficiency targets.