December 17 (Renewables Now) - The Asian Infrastructure Investment Bank (AIIB) has approved extending a USD-200-million (EUR 179.4m) on-lending facility for the development of renewables and energy efficiency infrastructure projects in Turkey.
The bank will be providing long-term financing to privately owned companies in the country through the Development and Investment Bank of Turkey (TKYB). The beneficiaries will use the funds for projects based on wind, solar, geothermal and biomass sources as well as energy efficiency schemes focused on energy savings and cutting carbon dioxide (CO2) emissions, the bank stated.
“AIIB’s financing will help address TKYB’s need for long-term capital for infrastructure projects,” said AIIB Vice President Pandian.
With demand expected to increase by 50% over the next decade, Turkey is aiming to also raise to 50% the share of renewable energy in its grid by 2023. The country plans to award 1 GW of solar capacity through a new tender to be held this month.
(USD 1 = EUR 0.897)