The Asian Development Bank (ADB) said Wednesday it greenlighted a $175.48 million loan for Türkiye’s public development and investment bank, Ilbank, to support renewable energy investments by municipalities.
The financing will help fund the Municipal Renewable Energy Transition Program, which supports Türkiye’s target of reaching net-zero emissions by 2053.
The program will finance municipal solar and wind energy projects, including related substations, switchgear, switchyards and access roads. It aims to help metropolitan, provincial and district municipalities cut energy costs, decarbonize public buildings and improve energy resilience.
ADB said municipal buildings and infrastructure services account for 31% of electricity consumption and 30% of greenhouse gas emissions among municipalities in Türkiye.
The loan, together with $43 million in co-financing from Ilbank, is expected to accelerate renewable energy installations across the country and ease pressure on transmission and distribution grids.
