The European Bank for Reconstruction and Development (EBRD) has invested in a minority stake in Biotrend, Doganlar Holding’s subsidiary operating in the renewables industry.
Through the investment the bank aims to promote private-sector participation in municipal waste management, according to a statement from the EBRD.
With EBRD support, the waste-to-energy firm Biotrend will advance corporate governance and climate-risk management, adopt higher environmental standards and procurement practices, and promote gender equality in the workplace.
Pointing to the constraints municipalities face in waste management, Arvid Tuerkner, the EBRD’s managing director for Turkey, said:
“Private companies with know-how, such as Biotrend, can help cities address the waste challenge while increasing the installed capacity of renewable energy.”
Biotrend Energy chair Ilhan Dogan said over the last three years the company has seen nearly fivefold growth.
“In 2021, we continue to grow in line with our targets. We are pleased that the cooperation with the EBRD has brought us one step closer to achieving our goals,” Dogan stressed.
Biotrend operates in solid-waste management and renewable energy generation under municipal concessions of up to 20 years. The company operates 18 waste-to-energy plants in various municipalities with a total installed capacity of 72.6MW.
Biotrend has been listed on Borsa Istanbul since April.
A major investor in Turkey, the EBRD has provided EUR 14bn (USD 16.4bn) in the country via 349 projects, with 95% of those in the private sector.