EBRD financing backs Sanmar electric tugboat expansion in Türkiye

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EBRD backs Sanmar electric tugs

Highlights

EBRD and Akbank provided €22.5 million in risk-sharing financing to Sanmar, supporting expansion into fully electric tugboat production for decarbonising maritime transport.
The total financing package reaches €45 million and includes a €5 million uncommitted tranche to install a 5 MW solar PV plant for Sanmar’s own electricity needs.
Each electric tugboat is expected to reduce greenhouse gas emissions by 1,800 tonnes of CO2 equivalent annually, with the solar installation avoiding a further 2,600 tonnes per year.

Financing package supports electric tugboat output

As reported by the European Bank for Reconstruction and Development, the €22.5 million financing for Sanmar comes through a risk-sharing facility with Akbank and is aimed at supporting the company’s growth and green transition.

The funding is set to help the Turkish tugboat manufacturer cover working capital needs as it increases production and delivery of fully electric tugboats for a maritime market that is moving toward decarbonisation. The overall package totals €45 million and includes a €5 million uncommitted tranche for the installation of a 5 MW solar photovoltaic power plant to supply Sanmar’s own electricity consumption.

Founded in 1976, Sanmar is one of the world’s leading tugboat manufacturers and has a record of maritime firsts, including LNG-fuelled tugboats, a remotely operated commercial vessel, Europe’s first electric tugboat, methanol-fuelled tugboats and the world’s first transverse tugboat.

Decarbonisation push in maritime industry

The project is intended to support lower-emission maritime transport by enabling the production and delivery of zero-direct-emission electric tugboats. Project assessments indicate that each vessel is expected to cut greenhouse gas emissions by about 1,800 tonnes of CO2 equivalent a year compared with conventional diesel-powered alternatives, while the solar installation is expected to avoid a further 2,600 tonnes annually.

İdil Gürsel, EBRD Deputy Head of Türkiye, says the partnership with Sanmar and Akbank supports industrial innovation and green investment in Türkiye while advancing shipping sector decarbonisation. Sanmar Chairman Ali Gürün says the financing will strengthen the company’s investment in sustainable shipbuilding, and Akbank Executive Vice President of Commercial Banking Özlem Atik says the deal reflects the bank’s approach to supporting customer competitiveness and sustainable growth through cooperation with international financial institutions.

The EBRD says Türkiye remains one of its key investment markets, with more than €26 billion committed in the country since 2009, largely in the private sector.

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