Skip to content Skip to Search
Skip navigation

Turkey’s renewables scheme given $1bn by World Bank

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market Alamy via Reuters
Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market
  • Funding to support solar energy market
  • Turkish banks to help solar developers
  • Pilot programme for battery storage

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives.

The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance programme, the state-run Anadolu Agency reported.

Additionally, the programme is expected to mobilise $259 million in private capital.



The funding will support the establishment and expansion of Turkey’s solar energy market and pilot a programme for battery storage.

The state-run Development and Investment Bank of Turkey and the privately-owned Industrial Development Bank of Türkiye will spearhead the programme’s implementation, focusing on developing the local distributed energy market in two stages, the report said.

The banks will provide direct loans to private developers of rooftop and ground-mounted solar investments, focusing on commercial and industrial customers.

They will later support other local commercial banks or leasing companies to offer similar loans to solar developers.

Ankara aims to scale up solar energy to 52.9 gigawatts (GW) by 2035 from 9.5GW in 2022. Its target for battery storage is 7.5GW.

Turkey secured the backing from the European Bank for Reconstruction and Development in March to launch a new initiative to decarbonise its hard-to-abate sectors, such as steel, cement, aluminium and fertiliser.

The country has committed to a net-zero target of 2053, making industrial decarbonisation imperative.

Its low-carbon pathways initiative show that investments of more than $70 billion will be needed to decarbonise the selected four sectors by 135 million tonnes CO2 annually.

Latest articles

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]

Saudi housing costs rose nearly 9% year on year in May

Saudi housing costs rise but inflation remains steady

Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […]

OTB Group has a presence in Dubai with its Maison Margiela store in the Dubai Mall

Chalhoub Group in venture with Italian luxury brand

Luxury distributor Chalhoub Group has entered into a joint venture with Italian fashion conglomerate OTB Group to expand the brand’s footprint in the Gulf. OTB (which stands for Only The Brave) owns the Diesel, Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, the Staff International and Brave Kid companies, and holds a stake in the […]

Arid conditions brought about by the drought in Morocco are affecting the cost of sheep

Drought pushes up sheep price for Eid in Morocco

The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […]