Turkish infrastructure group Akfen Holding is set to increase its renewable energy portfolio to 1000MW – including new hydro developments – with support from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), a member of the World Bank Group.

The two international financial institutions have each acquired a 16.67% stake in Akfen’s recently established subsidiary, Akfen Renewable Energy, with their capital injection of US$ 200 million expected to help the company become one of the largest producers of renewable energy in Turkey.

Afken’s current portfolio of renewable energy projects, including operational hydro and solar power plants, has a total operational capacity of 211MW, and the company has several wind, solar and hydro projects under development.

According to Afken, the new equity financing will be used for the construction and development of new projects and the expansion of current renewable energy investment projects.