Islamic Development Bank to provide financing for Turkish energy sector



October 11, 2016






October 11, 2016





Being a key development sector for the bank, energy projects in Turkey will receive “significant financial support over the next 10 years” from Islamic Development Bank (IDB), said Salah Jelassi, IDB`s Turkey director in an interview for the Anadolu Agency – Energy News Terminal.

“In recent years IDB provided USD 540 million for energy projects in the private sector, supporting investments worth more than USD 2 billion. Most of these investments were in the renewable energy sector and the rest were for improving energy efficiency in industrial facilities”, he added.

As a result of these investments, Jelassi explained that around 600 MW of new power plants have been put into operation. Expecting further demands in renewable energy and energy efficiency in Turkey, as well as energy generation, supply, storage, and electricity and gas systems, IDB will develop “more innovative financing paradigm”.

“The bank will continue to support new solar and wind energy investments in Turkey, either through public institutions or through local financial intermediaries or even directly”, Jelassi said.

Jelassi underlined the importance of equipment and technologies used in renewable energy power plants.

“It is very important for Turkey to gain the ability for wide-scale manufacturing of electromechanical equipment to be used in solar and wind power plants which will also help Turkey improve its macroeconomic indicators as well as provide sustainability advantages”, pointed out Jelassi for Anadolu Agency.

Related Articles

Household solar power systems overload Cyprus electricity grid

Household solar power systems overload Cyprus electricity grid

27 January 2023 - The distribution and transmission system operators in Cyprus asked for a freeze in issuing licenses for small solar power installations for self-consumption

Romania is exploring geothermal waters at 24 locations

Romania is exploring geothermal waters at 24 locations

27 January 2023 - Romania is third or fourth in Europe in geothermal energy potential. Exploration is currently being conducted at 24 sites.

cwp montechevo solar montenegro

CWP enters Montenegrin renewables market with 400 MW solar project

26 January 2023 - The investment is valued at around EUR 360 million, while the development and construction of the project are planned in phases

EPCG to install 47 MW solar power plant within Niksic steelworks

EPCG to install 47 MW solar power plant at Nikšić steelworks

26 January 2023 - Power utility Elektroprivreda Crne Gore bought the company in Nikšić for EUR 20 million from Turkish company Tosçelik.