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Clean tech fund's first financing goes to Turkey renewables

(Jun 3, 2009) The World Bank Board has approved US$600 million in financing for a Turkish renewable energy program, including hydropower.

The bank said it is providing US$500 million from the International Bank for Reconstruction and Development and US$100 million in the first allotment from the new US$5.2 billion Clean Technology Fund.

Turkey’s Private Sector Renewable Energy and Energy Efficiency 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.

The program funds include loans to Turkiye Sinai Kalkinma Bankasi, a private industrial development bank, and Turkiye Kalkinma Bankasi, a government development bank. They, in turn, are to use the money for credit line financing of renewable energy and energy efficiency investments.

Other donors such as Kreditanstalt fur Wiederaufbau and the United Nations Development Program are to provide parallel technical assistance financing from their existing and planned programs. Additional financing and technical assistance also are expected from Agence Francaise de Developpement and Japan International Cooperation Agency, the World Bank said May 28, 2009.

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