ICD is investing EUR 40 million in the Nakkas-Basaksehir section as part of a EUR 1.04 billion funding package.
The project incorporates solar energy and LED lighting, aiming to cut energy use and emissions significantly.
It’s backed by a consortium led by Rönesans Holding, with support from MDBs and ECAs.
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has signed a EUR 40 million to co-finance the Nakkas-Basaksehir section of Türkiye Northern Marmara Highway Project.
The Project aimes to enhance Istanbul’s east-west connectivity, improve road safety and reduce congestion. It is being developed under a build-operate-transfer agreement by a consortium led by Rönesans Holding A.S. in partnership with Samsung CandT Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.
ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.
Thanks to Solar Energy Production System to be installed within the scope of the Nakkas-Basaksehir project, which has “sustainability” at the center of its design, the clean energy obtained from solar panels will meet the energy needs of the highway’s operation and management (OandM) center and service stations.
The installation of over 4,500 LED lamps, replacing sodium lamps, will cut energy consumption by 37.5%, saving over 35 MWh. Within the scope of the project, in which all OandM highway vehicles are planned to be hybrid or electric, it is expected to save approximately 112 thousand liters of fuel annually.
While the Nakkas-Basaksehir Highway Project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons and sulfur dioxide (SO2) by 95 tons. tons reduction is aimed.
Source: Islamic Corporation for the Development of the Private Sector (ICD)