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Istanbul, Turkey, June 23 2016
—IFC, a member of the World Bank Group, is becoming a shareholder of renewable energy company Akfen Yenilenebilir Enerji (Afken Energy), part of an effort to ramp up the production of clean power in Turkey.
IFC is investing $100 million in Akfen Energy, a subsidiary of Akfen Holding, to acquire a 16.67 percent stake in the company. The investment will help Akfen Energy to almost triple its renewable energy production. The company operates solar- and hydro-power plants and is expanding into wind farms. IFC's investment is designed to support Turkey's emerging clean energy industry, help the country reduce its reliance on climate-changing fossil fuels, and bolster domestic power supplies.
“We aim to become a leading player in the renewables market in Turkey and IFC’s equity investment in our company provides strong support to realize this goal,” said Akfen Holding
Chairman Hamdi Akýn:
“We are in the process of creating a new platform for all investors in renewable energy, which will utilize Turkey’s local renewable energy resources with sustainable generation in all segments of the energy sector.”
IFC has a long-standing partnership with Akfen Holding, a multinational corporation. IFC has supported several projects spearheaded by the company, including the Mersin International Port Eurobond issue and the construction of TAV Tiblisi Airport. After the closing procedures, as shareholder in Akfen Energy, IFC will nominate a board member to the company, further improving the company’s corporate governance.
“Renewable energy is a key and sustainable solution to meet ever growing energy demand and Turkey benefits from a wealth of renewable energy resources.” said Dimitris Tsitsiragos, IFC Vice President, Global Client Services. “The private sector has a significant role to play in supporting Turkey’s targets in utilizing these resources. We are happy to extend our strong relationship with Akfen into the energy sector and to continue to contribute to the company’s efforts to bolster renewable energy production.”
This is IFC’s third equity investment in Turkey’s power sector. It is designed to help the country reach its goal of generating 30 percent of its energy from renewable sources by 2023.
Turkey’s energy sector has achieved a transformational shift over the last 10 years, going from a reliance on public investments and state guarantees towards private sector investments. The World Bank Group has been a long-time partner in this reform process. In Turkey, IFC’s second largest country of operations globally, IFC has significantly increased its investments in the power sector by investing and mobilizing a total of $695 million over the last three years.
Globally, IFC invested more than $4 billion in power, transport and energy projects in FY15, including funds mobilized from third parties.
About Akfen Holding
Having established its first company in 1976, Akfen is today one of Turkey’s top infrastructure investment holding firms. Akfen Holding invests in and manages subsidiaries and affiliates active in industries such as airport operations, construction, port operations, marine transport, water distribution, waste water services, energy, and real estate. For more information, visit
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
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