Turkey

With a rapidly growing economy and energy demands to match, Turkey is working to expand domestic renewable energy production and increase energy efficiency to ensure cleaner, greener growth that is less dependent on energy imports.

INVESTING IN TURKEY

Turkey’s $390 million, multi-phased CTF investment plan is supporting wind power expansion, smart grid upgrades, and complementary programs with local banks and leasing companies to address market barriers and drive investment in renewable energy and energy efficiency. In the first phase alone (through end of 2012), $172 million from the CTF leveraged $1.8 billion through 430 sub-projects via local financial intermediaries.

Savings have amounted to 902,000 tons of CO2 equivalent and $568 million in avoided oil imports per year. As CTF investments continue, the impact of the CTF on the energy efficiency market is most notable as this market progressed from barely existent to one that can be financed on purely commercial terms.

FACTS ABOUT TURKEY

Increasing share of renewable resources in electricity generation to at least 30% and reducing energy intensity by 20% targeted by 2023

800MW

of additional renewable energy capacity expected to be supported by CTF financing

Projects in Turkey

NAME FUND FUNDING (USD MILLION) COFINANCING (USD MILLION) MDB
  Commercializing Sustainable Energy Finance Phase II (CSEF II) FUNDClean Technology Fund COFINANCING (USD MILLION) 38.73 FUNDING (USD MILLION) 66.75 MDBIFC  
  Commercializing Sustainable Energy Finance Program FUNDClean Technology Fund COFINANCING (USD MILLION) 21.20 FUNDING (USD MILLION) 101.83 MDBIFC  
  Financial Innovation for Renewable Energy (FIRE) FUNDClean Technology Fund COFINANCING (USD MILLION) 8.48 FUNDING (USD MILLION) 102.25 MDBIFC  
  Geothermal Development Lending Facility (GeoDELF) FUNDClean Technology Fund COFINANCING (USD MILLION) 24.09 FUNDING (USD MILLION) 312.00 MDBEBRD  
  Geothermal Development Project FUNDClean Technology Fund COFINANCING (USD MILLION) 39.80 FUNDING (USD MILLION) 316.00 MDBIBRD  
  Impact Assessment of Clean Technology Fund in Renewable Energy and Energy Efficiency Market in Turkey FUNDClean Technology Fund COFINANCING (USD MILLION) 0.09 FUNDING (USD MILLION) MDBIBRD  
  Private Sector Renewable Energy and Energy Efficiency Project FUNDClean Technology Fund COFINANCING (USD MILLION) 100.00 FUNDING (USD MILLION) 1450.00 MDBIBRD  
  Private Sector Sustainable Energy Financing Facility (TurSEFF) FUNDClean Technology Fund COFINANCING (USD MILLION) 49.15 FUNDING (USD MILLION) 297.60 MDBEBRD  
  Renewable Energy Integration Project FUNDClean Technology Fund COFINANCING (USD MILLION) 50.00 FUNDING (USD MILLION) 1025.00 MDBIBRD  
  Residential Energy Efficiency Finance Facility (TuREEFF) FUNDClean Technology Fund COFINANCING (USD MILLION) 69.79 FUNDING (USD MILLION) 603.00 MDBEBRD  
  SME Energy Efficiency Project / Renewable Energy Integration-TA FUNDClean Technology Fund COFINANCING (USD MILLION) 1.00 FUNDING (USD MILLION) MDBIBRD  

TRANSFORMING VISION INTO ACTION

The CIF programmatic approach to investment planning and implementation brings strategic value to CIF recipient countries. Working through a transparent, country-led process, the CIF fosters trust and collaboration among government ministries, civil society, indigenous peoples, private sector, and the MDBs that implement CIF funding. Together they translate Nationally Determined Contributions and other national development and climate strategies into an actionable CIF investment plan. Rather than one-off projects, the plan comprises long-term, sequenced investments that mutually reinforce each other and link to other critical activities, such as policy and regulatory reform and capacity building. Under national government leadership, CIF stakeholders continue to work together to implement the plan, continually assessing progress and sharing lessons learned along the way.

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  • Sep 11, 2018
SREP Monitoring and Reporting Toolkit