According to a research released Tuesday, Turkey has saved $7 billion in the last year as its wind and solar power output helped to replace fossil fuel imports, decreasing energy bills at a time when global gas prices were skyrocketing.

urkey has managed to save $7 billion in the last 12 months as its wind and solar power generation helped replace fossil fuel imports, lowering electricity bills at a time when gas prices skyrocketed globally, a report said Tuesday.

Turkey held an auction for 300 MW in solar power within its YEKA GES-4 round of 1 GW in total. The competition for three lots in the Niğde province of 100 MW each resulted in the lowest price of EUR 23.3 per MWh, bid by Smart Güneş Teknolojileri.

The World Bank’s Board of Directors has approved two loans worth $300 million for the Geothermal Development Project in Turkey, to support the development of renewable energy by tapping heat sources deep in the ground. The loans are Additional Financing to two initial loans worth $250 million.