$220 million in financing to be provided for municipalities’ renewable energy projects

The Asian Development Bank (ADB) announced that it has approved the $175.48 million results-based loan application submitted by the Provincial Bank (İLBANK).

According to the announcement, the funds—along with $43 million in co-financing to be provided by İLBANK—will be used to finance municipalities’ renewable energy projects under the Municipal Renewable Energy Transition Program.

Under this program, sub-projects aimed at enabling metropolitan, provincial, and district municipalities to construct solar and wind energy infrastructure and facilities—including substations, switching stations, distribution yards, and access roads—will be financed.

In a statement issued by the ADB regarding this matter, it was noted that 31% of electricity consumption and 30% of greenhouse gas emissions by municipalities in Türkiye stem from energy consumption in municipal buildings and facilities. The statement emphasized that increasing the use of renewable energy could reduce both figures and generate savings in municipalities’ annual budgets.