BAKU, Azerbaijan, September 18. The Asian Infrastructure Investment Bank (AIIB) and the Industrial Development Bank of Türkiye (TSKB) have signed a USD 65 million senior debt financing package to support the YEKA Erzin-2 Hatay Solar PV Project, with each institution contributing USD 32.5 million, Trend reports via the AIIB.
The project involves the development of a 100-megawatt solar power plant in Hatay Province, Türkiye. Awarded in June 2022 under the government’s Renewable Energy Resource Zone (YEKA) program, the initiative promotes large-scale renewable energy projects through competitive tenders.
Sponsored by IC Enterra Renewable Energy, a subsidiary of IC Holding with over 1,500 megawatts of diversified capacity, the plant will operate under a 30-year license. It is expected to deliver clean electricity at competitive costs, supported by a tariff indexed to inflation and foreign exchange.
The YEKA Erzin-2 project is anticipated to bring significant benefits to Türkiye, including a reduction in greenhouse gas emissions of up to 0.6261 tonnes of CO2 equivalent per megawatt-hour of electricity generated. Consumers are expected to benefit from a greater supply of renewable energy at lower costs compared with fossil fuel-based power. The project will also generate jobs and stimulate economic activity in Hatay Province.