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DEBT WATCH-
EBRD extends another green loan in Turkey: The European Bank for Reconstruction and Development (EBRD) has granted a EUR 50 mn loan to Turkish lender AKLease to support its on-lending of green investment projects in Turkey, according to a statement. The loan — issued under the EBRD’s Turkey Green Economy Financing Facility II (GEFF II) program — will support AKLease’s ECOLease product that provides financing for sustainability investments including in energy efficiency, renewable energy, waste management, water conservation, and climate resilience projects. The loan will also finance investments in nature, biodiversity, and the blue economy.
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EBRD 💚 Turkey’s green projects: EBRD extended a EUR 25 mn loan to Turkey’s QNB Finansleasing to support on-lending for green economy initiatives last month. It also extended a EUR 55 mn loan to Turkish renewable energy firm Borusan EnBW Enerji in September to build a 116 MW onshore wind energy project in Sivas and Tekirdağ. Earlier in August, the Turkish multinational snack manufacturer Ulker received USD 90 mn from EBRD in its first sustainability-linked Eurobond issuance. EBRD’s total investments in the country since 2009 have hit the EUR 20 bn mark.
DISTRICT COOLING-
Empower inaugurates Jumeirah plant’s first phase: Emirates Central Cooling Systems Corporation (Empower) has commenced operations of the first phase of its new district cooling plant in Jumeirah Beach Hills, according to a DFM disclosure (pdf). With a total production capacity of 48k refrigeration tons (RT) upon completion, the plant will serve several luxury residential projects and hotels in Jumeirah, including the Burj Al Arab Hotel, Jumeirah Beach Hotel, Marsa Al Arab, Madinat Jumeirah Living, and Jumeirah Al Naseem Hotel. The plant’s new phases will extend services to other projects, including Souk Madinat Jumeirah and Jumeirah Al Qasr Hotel. The company broke ground on the project last year with AED 102 mn investments.
There’s more in the works for Jumeirah: Empower will develop a second district cooling plant with a capacity of 37k RT in Jumeirah with construction to kick off in 1Q 2025. Empower intends to establish a total of six district cooling plants to produce a total of 256k RT in Jumeriah.
WASTE MANAGEMENT-
Qalaa Holding’s waste management company Ecaru will close and rehabilitate the Qalabshu landfill in Dakahlia as part of the Kitchener Drain Project, under a EUR 10 mn agreement inked with the Local Development Ministry, according to a ministry statement. The project, part of the Kitchener Drain project, is funded by a EUR 79 mn loan from the European Bank for Reconstruction and Development (EBRD) and a EUR 8 mn grant from the European Union.
