Congratulations to Türkiye on the signing of the $1 billion agreement with the World Bank to accelerate renewable energy expansion. This is part of the World Bank’s regional renewable energy scale-up program in Europe and Central Asia (#ECARES) launched earlier this year. This transformative program will establish and expand Türkiye's market for distributed solar energy and pilot battery storage solutions. With financing from the World Bank ($657 million), the Clean Technology Fund ($30 million), and a grant from the World Bank's ESMAP - Energy Sector Management Assistance Program ($3 million), the initiative will also mobilize $259 million of private capital. Implemented by the Kalkınma Yatırım Bankası and TSKB Gayrimenkul Değerleme A.Ş., this results-based financing program is the first of its kind in the country. It will support private developers of rooftop and ground-mounted solar investments and enable local banks to provide similar loans, fostering a diverse and scalable market for distributed solar energy. Türkiye’s ambition aims to increase RE capacity by 52.9 GW and battery storage by 7.5 GW by 2035, significantly enhancing energy security. 🌍 This initiative marks a significant step towards a sustainable, energy-secure future for Türkiye and sets a precedent for innovative financing and renewable energy development worldwide. https://lnkd.in/et5MFZpd Humberto Lopez Manuel Berlengiero Alan Lee Arnaud Braud STEPHAN GARNIER Stephanie Gil
This is indeed great news. Big transformations are on the way! 👌
General Manager at EnerconAmerica
2moTürkiye has been very active in RE development in the last two decades. As a complementary step we are expecting several large BESS implementations soon as well.