Garanti BBVA has funded Tosyalı Roof solar power plant project with a loan of 400 million Turkish lira. The deal demonstrates the bank's ongoing support for sustainable development.
The new solar power plant, based on state-of-the-art technology and comprising an area of 632,000 m², is the country's largest solar project so far, with a price tag of $71 million and forecast annual output of 250 million kWh. The new power plant will prevent 117 million kg of carbon emissions, supporting the world's cleanest steel production facility and giving a further boost to Türkiye's journey toward net zero carbon emissions.
Garanti BBVA CEO Recep Baştuğ said, "We believe banks play a critical role in sustainable development. Having worked against the climate crisis for more than 15 years, since 2014 we have transferred 100% of our total finance for new power projects to renewable energy, up to a cumulative total of $6 billion. We attach great importance to rooftop solar power for self-consumption, and continue to work for our society to transition to a greener future.
Garanti BBVA was the first bank to announce that it will no longer fund new coal or mining projects. "With the financing of Türkiye's largest rooftop solar power plant, it has once again proved its pioneering stance and its vision to support the low-carbon economy," Recep Baştuğ added.