Islamic Development Bank to provide financing for Turkish energy sector



October 11, 2016



comments icon




October 11, 2016



comments icon



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

IRENA La Camera renewables must grow higher speed scale

IRENA’s La Camera: Renewables must grow at higher speed, scale

12 July 2024 - IRENA's Director-General Francesco La Camera warned of ongoing patterns of concentration in geography in renewables deployment as well as against complacency

green steel electric vehicles study transport environment

Switching to green steel would add just EUR 8 per electric vehicle by 2040

11 July 2024 - Switching to 40% green steel would add just EUR 57 to the sticker price of an electric vehicle in 2030, according to an analysis by T&E

Albania declares eight winners at 300 MW solar power auction

Albania declares eight winners at 300 MW solar power auction

10 July 2024 - The lowest bid at Albania's solar power auction came in at EUR 39.7 per MWh, against a starting level of EUR 59.97 per MWh

Serbia digitalizes permitting energy sector

Serbia digitalizes permitting in energy sector

10 July 2024 - Serbia rolled out digital services for energy permitting and the procedure for environmental impact assessment studies