The Islamic Corporation for the Development of the Private Sector (ICD), part of Saudi Arabia’s Islamic Development Bank Group, has signed a $16.2 million financing agreement with Turkish auto parts manufacturer Sampa.
The investment will support the development of a solar power facility in Turkey aimed at reducing Sampa’s energy costs and emissions.
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’s manufacturing operations.
Sampa, a major player in the Turkish automotive industry, employs over 4,500 people and generates an annual revenue of $408 million.
The renewable energy source will serve as a key asset in offsetting energy costs for the company’s energy-intensive production processes.
The partnership aligns with Turkey’s national energy strategy, which seeks to expand renewable energy capacities in line with its 2053 net-zero emissions target.
As part of the plan, Turkey aims to quadruple its renewable capacity to 120,000 MW by 2035.
The government’s Renewable Energy Support Mechanism encourages private sector investments like this one to drive clean energy initiatives.
Turkey’s energy transition includes an estimated $80 billion for expanding electricity generation capacity and an additional $30 billion for transmission infrastructure.
With substantial reliance on imported energy, including coal—40% of which is imported for power generation—Turkey’s renewable strategy also aims to lower import dependency and enhance energy security.
Turkey is looking to bring an additional 7,500 to 8,000 MW of renewable capacity online annually.
