The European Bank for Reconstruction and Development is extending a new long-term loan equivalent to USD 110 million, in Turkish lira, to Enerjisa Enerji, one of the country’s largest utilities, to finance its latest modernisation plans. The new EBRD loan will finance the company’s investment plan for 2021-25, which focuses on upgrading the network. The plan includes the introduction of smart metering and smart grid systems, digitalisation of the network, improvements to the reliability of power supply, integration of renewables, and environmental, health and safety measures. The modernisation will also help reduce losses, leading to direct annual savings of up to 30,405 tonnes of CO2, which is equivalent to the yearly average electricity consumption of around 60,000 homes.In addition, Enerjisa Enerji, in cooperation with the EBRD, has developed a green finance framework, paving the way for more sustainable investments in line with the Green Bond Principles of the International Capital Market Association and the Green Loan Principles of the Loan Market Association.Enerjisa Enerji provides electricity distribution and retail in Turkey and currently serves more than 21 million people. The company is a joint venture between Sabanci Holding and E.ON, each holding 40 per cent, with the remaining 20 per cent being a free float on Borsa Istanbul.