JBIC has signed a loan agreement with Turkiye Is Bankasi A.S. (Isbank), a commercial bank in Turkey, based on a credit line that supports the export of machinery and equipment related to renewable energy and climate change control. The loan is intended to provide financing, through Isbank, for Gurmat Elektrik Uretim A.S. (Gurmat) to import machinery and equipment related to geothermal power generation, such as steam turbines made by MITSUBISHI HITACHI POWER SYSTEMS, LTD., from Mitsubishi Corporation, TIX-IKS Corporation and TIX-TSK Corporation.
The Turkish government has intensified its efforts to propagate power generation harnessing renewable energy as part of its environmental policy, and has set a target for the share of renewable energy to reach 30% of total generated energy by 2023. As a result, many renewable energy projects and projects in related fields, including geothermal power generation, are expected to increase in the future. This loan will lead to the creation of business opportunities for Japanese companies in the field of renewable energy in Turkey.