Snapshot
| Financing Types | Stakeholders | Amount | Share | Sector |
| Other | Phase I | $250 million | 63% | Low-Carbon |
| Other | Phase II | $150 million | 37% | Low-Carbon |
| Total: | $400 million | 100% | ||
Project Summary
The Clean Technology Fund (CTF) Investment Plan is a “business plan” agreed among the Government of Turkey, the World Bank (WB), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) in order to provide support for the low carbon objectives in Turkey’s 9th Development Plan (2007-13); the 1st National Communication on Climate Change (NCCC), and related strategies, legislation and programs. This multi-year business plan identifies Turkey’s programs that are proposed to be co-financed by the CTF jointly with the WB, IFC and EBRD.
Financing
Turkey seeks US$400 million of CTF financing, representing about 10% of the US$3,850 million in overall financing needs. This will leverage US$1,900 million in multilateral support and US$1,550 million from Turkey:
Recognizing the CTF framework and overall CTF resources, the program is presented in two phases. The $250 million Phase I is based on currently projected CTF availability and the agreed Turkey Country Partnership Strategy (CPS). The $150 million Phase II represents an additional CTF program which is dependent inter alia on additional CTF availability and accommodation within the IBRD financing envelope for Turkey as it evolves.
Turkey’s CTF proposal includes financing for project preparation as follows:
- CTF debt financing for the preparation of subprojects for financing under the RE/EE2 and IFC/EBRD RE/EE projects; and
- CTF grant financing up to $1 million for the preparation of the SmartGrid component for the TEIAS project.
A carbon revenue stream has not been used as part of the financing plan as Turkey is not yet a Party to the Kyoto Protocol . Turkey is able to sell into the voluntary carbon market and several projects under the Renewable Energy Law are doing so although at lower prices.
Lessons Learned
Ongoing project
| Best Practices |  |
Use of financial intermediaries is a successful business model applied by EBRD in various regions. EBRD applies such scheme in some new EU Member States and implementing is the most recently in the Western Balkans.
IFC has applied successful programs in ECA region latest being Russia Sustainable Energy Finance Program to create sustainable capacity in the Russian financial sector to finance EE projects, including RE. The principal objective is to create a sustainable commercial lending market which will continue in the absence of IFC credit lines. This approach can be used as a model for Turkish financial institutions. Electricity and heat produced using small-scale RE sources will be mostly for own consumption by SMEs and export of excess electricity to the grid. In addition, the Direct Lending Facility would target private investors interested in financing medium-scale RE sources for sale to the grid.
| Enabling Environment | |
Turkey has substantial renewable energy potential. Already now renewables make the second-largest contribution to domestic energy production after coal. More than half of renewables are used locally as biomass and waste with low efficiency and with high environmental problems. The unused renewable energy potential is still very high, higher than that one which has already been utilized.
Nevertheless a major interest of investors is concentrated on large hydro and wind energy projects while distributed power generation using small hydro, biomass, biogas as well as renewable heat production using biomass, geothermal and solar energy and applying upto- date technologies (to replace electricity and coal in space and water heating) is still of a limited interest of investors.
The objective is to scale up and mainstream funding for small-scale renewable energy projects through financial intermediaries to deliver measurable economic, environmental and social benefits. IFC and EBRD will also seek to provide direct financing to medium-sized project under newly promoted scheme of a Direct Lending Facility.
| Implementation | |
N/A
| Implementing Partners | |
The Clean Technology Fund (CTF) Investment Plan is a “business plan” agreed among:
- the Government of Turkey
- Turkish private sector (Banks: TSKB, TKB, HalkBank, etc./ Investors / the transmission system operator TEIAS/ SMEs )
- the World Bank (WB),
- the International Finance Corporation (IFC)
- the European Bank for Reconstruction and Development (EBRD)
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