World Bank funds additional Turkey renewables, including hydro

ISTANBUL, Turkey 12/1/11 (PennWell) — The World Bank Board has approved an additional US$500 million in financing for a Turkish renewable energy program, including hydropower.

The bank said the funds complement a 2009 US$500 million loan from the International Bank for Reconstruction and Development and US$100 million in the first allotment from the US$5.2 billion Clean Technology Fund.

The funds are provided to Turkiye Sinai Kalkinma Bankasi, a private industrial development bank, and Turkiye Kalkinma Bankasi, a government development bank. They, in turn, use the money for credit line financing of renewable energy and energy efficiency investments under Turkey’s Private Sector Renewable Energy and Energy Efficiency Project.

The project is to help increase privately owned and operated energy production from indigenous renewable resources. It intends to tap Turkey’s renewable energy potential including hydropower, wind, solar, biomass, geothermal, and other resources.

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