A 100 MW solar PV project, selected under Türkiye’s Renewable Energy Resource Zone (YEKA) program in June 2022, has raised $65 million in financing from the Asian Infrastructure Investment Bank (AIIB) and the Industrial Development Bank of Türkiye (TSKB). 

The 2 lenders have contributed $32.5 million each towards this senior debt financing package for YEKA Erzin-2 Hatay Solar PV Project.

Located in Hatay Province of Türkiye, the project is sponsored by IC Enterra Renewable Energy, a subsidiary of IC Holding. It has secured a 30-year operating license to deliver clean electricity at a competitive cost, supported by a tariff indexed to inflation and foreign exchange. The project came online in 2024, according to IC Enterra, and is capable of generating 248,000 MWh/year on average.

In a joint statement, both lenders share that the consumers will benefit from the renewable energy supply that will be more affordable than fossil fuel-generated energy. 

“This 100-MW PV solar project expands our renewable portfolio beyond our nine hydroelectric plants, strengthening our commitment to Türkiye’s clean energy transition.” said IC Enterra Renewable Energy CEO Cem Aşık. The company currently operates 488 MW of renewable energy capacity in the country, comprising 9 hydroelectric plants, and the 100 MW YEKA Erzin-2 Solar Project. 

YEKA is the Turkish government’s auction mechanism to boost renewable energy deployment. Under this scheme in 2024, the government auctioned 800 MW solar PV capacity and plans to hold another round for 850 MW solar and 1.15 GW wind energy later this year (see Turkey Officially Announces 2 GW Renewable Energy Tender).