Renewable Energy Saudi lender ICD provides $16m for Turkish solar plant By Chris Hamill-Stewart October 24, 2024, 11:23 AM Alamy/Oleksandr Tkachenko via Reuters A solar power plant in eastern Turkey. The country aims to quadruple renewable generation to hit a capacity of 120,000MW by 2035 ‘Captive’ plant for Turkey’s Sampa Facility will power manufacturing ICD part of Islamic Development Bank The Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia has signed a €15 million ($16.2 million) financing agreement with Turkish company Sampa to support the development and construction of a solar power plant in Turkey. The planned captive solar plant will provide 21 megawatts of energy, reducing Sampa’s energy costs and cutting emissions. The IDC-funded plant will be a captive plant, meaning it is designed for use specifically in Sampa’s energy-intensive auto manufacturing business. Sampa is a large auto-parts manufacturer with more than 4,500 employees, which manufactures and sells 45,000 tonnes of products annually. The company has an annual turnover of €315 million. The ICD is the private sector arm of the Islamic Development Bank Group, and is based in Jeddah, Saudi Arabia. Sampa and the ICD said that the project, the timeline of which was not included in the announcement, will support Turkey’s wider renewable energy targets. Turkey to restart auctions to expand renewable capacity Turkey’s $1bn solar plant to cut $450m fossil fuel use Turkey’s renewables scheme given $1bn by World Bank Ankara’s goal is to hit net zero emissions by 2053. That goal is aided by the country’s Renewable Energy Support Mechanism, which aims to support renewable energy investments from the private sector. Turkey wants to quadruple renewable generation to hit a capacity of 120,000MW by 2035, bringing an additional 7,500MW to 8,000MW online every year. To meet this goal, investments are planned of $80 billion to boost electricity output and another $30 billion to improve transmission and infrastructure. Turkey is reliant on energy imports, including coal. It buys 40 percent of the coal it needs for its power stations from overseas. The country’s renewable energy plan, which also has a nuclear power dimension, is designed to cut down import costs and well as reduce emissions.
