Press Release No:2012/163/ECA.WASHINGTON, November
22, 2011.The World Bank Board
of Executive Directors today approved additional financing of US$ 500 million
equivalent to Türkiye Sınai Kalkınma Bankası (TSKB) and to Türkiye Kalkınma
Bankası (TKB), guaranteed by the
Republic of Turkey, for Turkey’s Private
Sector Renewable Energy and Energy Efficiency Project. The additional
financing complements an initial World Bank loan of US$ 500 million equivalent
and Clean Technology Fund financing of US$ 100 million for the Project, which
were approved on May 29, 2009 and became effective on August 12, 2009.
The main objective of
the Private Sector Renewable Energy and Energy Efficiency Project is to help
increase privately owned and operated energy production from indigenous
renewable sources within the market-based framework of the Turkish Electricity
Market Law, and as a result to help improve energy efficiency and curb
greenhouse gas emissions.
The additional
financing will finance the costs of activities to scale up the project. The Private Sector Renewable Energy and
Energy Efficiency Project build on the experience of the ongoing Renewable
Energy Project. It aims to tap Turkey’s significant renewable energy potential
from hydro, wind, solar, biomass, geothermal, and other resources. Moreover, the project includes energy
efficiency measures to help reduce waste in energy consumption.
“Turkey’s Renewable Energy and Energy
Efficiency Project helps enhance energy security, support clean and efficient
energy, and increase private sector involvement in energy investments and
financings,” said Ulrich Zachau, Country Director for
Turkey. “The Project has already established a financial mechanism
through Turkish banks that assist Turkish entrepreneurs in leveraging their
capital to develop renewable resources economically. We are very pleased to provide additional resources for these
essential investments.”
The Private Sector
Renewable Energy and Energy Efficiency Project establishes a term lending
facility within the intermediary TSKB and TKB banks. The IBRD loan for TSKB is US$100 Million and
EUR69.3 Million; while for TKB the allocation is US$135 Million and
EUR114.3 Million.
Contacts:
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