USD65 million senior debt financing package signed to support the YEKA Erzin-2 Hatay Solar PV Project

The Asian Infrastructure Investment Bank (AIIB) and the Industrial Development Bank of Türkiye (TSKB) have signed a USD65-million senior debt financing package to support the YEKA Erzin-2 Hatay Solar PV Project, each contributing USD32.5 million in financing.

The project will develop a 100-MW solar power plant in Hatay Province, Türkiye, awarded in June 2022 under the government’s Renewable Energy Resource Zone (YEKA) program, which promotes large-scale renewables 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 and deliver clean electricity at competitive costs, supported by a tariff indexed to inflation and foreign exchange.

The project is expected to bring significant benefits to Türkiye, including the reduction of greenhouse gas emissions up to 0.6261 tonnes of CO₂ equivalent for every megawatt-hour of electricity generated. Consumers will benefit from an increased supply of renewable energy, which will be more affordable than energy derived from fossil fuels. The project will also create jobs and promote economic activity in Hatay Province, where the project is located.