{"id":769,"date":"2024-10-26T10:03:23","date_gmt":"2024-10-26T06:03:23","guid":{"rendered":"https:\/\/www.utilitybusinessmena.com\/?p=769"},"modified":"2024-10-26T10:03:23","modified_gmt":"2024-10-26T06:03:23","slug":"saudi-arabias-icd-invests-16-2-million-in-turkish-solar-project-for-auto-parts-manufacturer","status":"publish","type":"post","link":"https:\/\/cheeltech.com\/utilitybusinessmena\/news\/saudi-arabias-icd-invests-16-2-million-in-turkish-solar-project-for-auto-parts-manufacturer","title":{"rendered":"Saudi Arabia\u2019s ICD invests $16.2 million in Turkish solar project for auto parts manufacturer"},"content":{"rendered":"\n

The Islamic Corporation for the Development of the Private Sector (ICD)<\/a>, part of Saudi Arabia\u2019s Islamic Development Bank Group<\/a>, has signed a $16.2 million financing agreement with Turkish auto parts manufacturer Sampa.<\/p>\n\n\n\n

The investment will support the development of a solar power facility in Turkey<\/a> aimed at reducing Sampa\u2019s energy costs and emissions.<\/p>\n\n\n\n

This solar project, expected to produce 21 megawatts (MW) of electricity, is classified as a captive plant, meaning it will directly supply power to Sampa\u2019s manufacturing operations.<\/p>\n\n\n\n

Sampa, a major player in the Turkish automotive industry, employs over 4,500 people and generates an annual revenue of $408 million.<\/p>\n\n\n\n

The renewable energy source will serve as a key asset in offsetting energy costs for the company\u2019s energy-intensive production processes.<\/p>\n\n\n\n

The partnership aligns with Turkey\u2019s national energy strategy, which seeks to expand renewable energy capacities in line with its 2053 net-zero emissions target.<\/p>\n\n\n\n

As part of the plan, Turkey aims to quadruple its renewable capacity to 120,000 MW by 2035.<\/p>\n\n\n\n

The government\u2019s Renewable Energy Support Mechanism encourages private sector investments like this one to drive clean energy initiatives.<\/p>\n\n\n\n

Turkey\u2019s energy transition includes an estimated $80 billion for expanding electricity generation capacity and an additional $30 billion for transmission infrastructure.<\/p>\n\n\n\n

With substantial reliance on imported energy, including coal\u201440% of which is imported for power generation\u2014Turkey\u2019s renewable strategy also aims to lower import dependency and enhance energy security.<\/p>\n\n\n\n

Turkey is looking to bring an additional 7,500 to 8,000 MW of renewable capacity online annually.<\/p>\n","protected":false},"excerpt":{"rendered":"

This solar project, expected to produce 21 megawatts (MW) of electricity, is classified as a captive plant, meaning it will directly supply power to Sampa\u2019s manufacturing operations<\/p>\n","protected":false},"author":2,"featured_media":636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,41,559],"tags":[816,249,229,817,818,819,42,820,821,126,48,822],"class_list":{"0":"post-769","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-renewable-energy","9":"category-solar","10":"tag-automotive-manufacturing","11":"tag-clean-energy","12":"tag-energy-transition","13":"tag-icd","14":"tag-islamic-development-bank","15":"tag-net-zero-emissions","16":"tag-renewable-energy","17":"tag-renewable-energy-investment","18":"tag-sampa","19":"tag-saudi-arabia","20":"tag-solar-energy","21":"tag-turkey"},"_links":{"self":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts\/769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/comments?post=769"}],"version-history":[{"count":0,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts\/769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/media\/636"}],"wp:attachment":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/media?parent=769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/categories?post=769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/tags?post=769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}