The $1 billion includes a loan of about €600 million ($657 million) from the International Bank for Reconstruction and Development, $30 million from the Clean Technology Fund (CTF), and a $3 million grant from the World Bank’s Energy Sector Management Assistance Program. An additional $259 million in private capital is expected to be mobilized.
According to the agreement signed with the World Bank, the program will be implemented by Turkey’s state-owned Development Investment Bank of Turkey and the private Industrial Development Bank of Turkey, and the two local banks will disburse the funds approved in the results-based financing program. Private developers developing rooftop and surface solar projects for commercial and industrial (C&I) customers will be able to access these funds directly from the two banks.
In addition, the proceeds will be made available to other local commercial banks or leasing companies to provide similar loans to solar developers.
Post time: May-15-2024