IFC, a member of the World Bank Group, is investing $100mn to buy a 16.67% stake in Turkish enewable energy company Akfen Yenilenebilir Enerji (Afken Energy), it said on June 23.

Becoming a shareholder in Akfen Energy is part of the IFC's effort to ramp up the production of clean power in Turkey. The investment will help Akfen Energy, which operates solar- and hydro-power plants and is expanding into wind farms, to almost triple its renewable energy production, the statement added.

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% of its energy from renewable sources by 2023.

“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 $695mn over the last three years”, the statement said.

IFC had a third consecutive record year in Turkey, investing $1.8bn in projects to support sustainable energy and infrastructure development, improve municipal services, develop public-private partnerships, according to information on its website. During fiscal year 2015, which ended on June 30, IFC committed $1.3bn in equity and long-term loans across 28 projects, more than doubling the previous year total. Of this amount close to $500mn included financing mobilized from third party investors.

As far as the other international financial institutions’ plans for Turkey are concerned, the European Investment Bank (EIB) plans to provide €2.3bn-€2.5bn in financing to Turkey while the European Bank for Reconstruction and Development (EBRD) will invest between €1.7bn and €1.8bn this year.