Abstract
After the implementation of Energy Efficiency Law (EEL) in Turkey, Turkish engineering firms show considerable interest in energy savings projects. There is a growing sign of an energy effi- ciency implementation in Turkey. However, energy importation costs of Turkey still present a challenge leading to huge financial burdens. This paper explores the energy financing in Turkey and the likelihood of risks after the establishment of structural reforms. The so-called structural problems on the agenda of Turkey are emphasized during the crisis. Actually, global crisis affected the lending conditions herein counterparty risk and restricted the relations of enterprises and banks. In this study, it is argued that there are strong barriers for the future energy saving industry in Turkey made up of macro-economic, micro-economic and financial risks coming through both domestic and global means.
Highlights
There has been a great interest in energy efficiency improvement since the first oil price shock in the early seventies, and recently interest has heightened further because of the global warming effects of high energy use
To maintain a lower credit risk of financing energy market, it is a must to align with international energy companies and to seek possible business partnerships, securing third party financing from international finance organizations such as International Finance Corporation (IFC), Environmental Enterprises Assistance Fund (EEAF) and the Renewable Energy Equity Fund (REEF)
One of the most important difficulties that local companies face in Turkey is capital inadequacy, and they are insufficient to act as market-makers
Summary
There has been a great interest in energy efficiency improvement since the first oil price shock in the early seventies, and recently interest has heightened further because of the global warming effects of high energy use This three decade long experience in implementing energy efficiency projects in the OECD countries has provided substantial documentation of both the economic and the environmental benefits of adopting energy efficiency improvement measures and policies. E. Okay pany is an enterprise that fully provides integrated energy services to their customers (mainly large energy users, and utilities), which may include implementing energy-efficiency projects (and renewable energy projects), frequently on a turn-key basis [2]. WB has allocated 420 million US dollars credit to Turkey for supporting developments in the utilization of renewable energy sources.
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