The European Bank for Reconstruction and Development is giving $150 million to Türkiye’s biggest electricity company, Enerjisa Enerji, to fix power networks wrecked by the February 2023 earthquakes and build solar plants, according to organisation statement. The Toroslar region got hammered by those quakes – they killed over 55,000 people and smashed up about a third of Enerjisa’s operations. Now the company needs to rebuild everything while also going green.
Those earthquakes were brutal. The power grid got destroyed, leaving whole communities in the dark for months. EBRD jumped in quickly with a massive €1.5 billion aid package over two years. The money went to earthquake victims, infrastructure repairs, and small businesses trying to get back up and running.
Enerjisa plans to use the loan for two main things: fixing the broken electricity network and putting up solar panels for big customers. It’s smart timing – Türkiye wants more renewable energy, and this project cuts both power losses and carbon emissions. Plus, rebuilding with better technology means the grid will be stronger next time disaster strikes.
The deal also kicks off EBRD’s new toolkit to help Turkish companies get more diverse boards. Enerjisa agreed to test it out and show other energy companies how it works. More women and different perspectives in boardrooms usually means better decisions.
“Reconstruction isn’t a quick job,” said EBRD’s Matteo Patrone, who’s been to the damaged areas himself. Enerjisa’s CFO Philipp Ulbrich said the financing proves they can keep growing even when times are tough. EBRD has put over €22 billion into nearly 500 Turkish projects since 2009, mostly backing private companies.
