Saudi Arabia’s ICD invests $16 million in Türkiye solar plant project

• 1 year, 1 month ago (2024-10-25)
• David Flin

Middle East 357 Solar 321

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Saudi Arabia’s Islamic Corporation for Development of the Private Sector (ICD) has signed a $16.2 million financing agreement with Sampa of Türkiye for the development and construction of a captive 21 MW solar power plant at Sampa’s facilities.

ICD is based in Jeddah, and is the private sector arm of the Islamic Development Bank Group.

Sampa and the ICD have said that the project will contribute to Türkiye’s renewable energy objectives. Türkiye is aiming for net zero emissions by 2053, supported by its Renewable Energy Support Mechanism, which encourages private sector investment in renewable energy. To reach its goal of quadrupling renewable energy generation capacity to 120 GW by 2035, Türkiye plans to bring 7500-8000 MW online each year.