The funding – which is guaranteed by the Republic of Turkey – was awarded to Türkiye Sınai Kalkınma Bankası (TSKB) and Türkiye Kalkınma Bankası (TKB) for a project to tap the country’s significant renewable energy potential from hydro, wind, solar, biomass, geothermal, and other resources

The additional funds complement an initial World Bank loan of US$500M and Clean Technology Fund financing of US$100M, which were approved on May 29, 2009 and became effective on August 12, 2009.[1]

The main objective of the Private Sector Renewable Energy and Energy Efficiency Project is to help increase privately owned and operated energy production from indigenous renewable sources within the market-based framework of the Turkish Electricity Market Law, and as a result to help improve energy efficiency and curb greenhouse gas emissions.

The additional financing will finance the costs of activities to scale up the project. The Private Sector Renewable Energy and Energy Efficiency Project build on the experience of the ongoing Renewable Energy Project.

“Turkey’s Renewable Energy and Energy Efficiency Project helps enhance energy security, support clean and efficient energy, and increase private sector involvement in energy investments and financings,” said Ulrich Zachau, Country Director for Turkey. “The Project has already established a financial mechanism through Turkish banks that assist Turkish entrepreneurs in leveraging their capital to develop renewable resources economically. We are very pleased to provide additional resources for these essential investments.”