LOAN NUMBER 9648-TR




      Guarantee Agreement
(Accelerating the Market Transition for Distributed Energy Program)



                              between


                    REPUBLIC OF TÜRKİYE


                                and


      INTERNATIONAL BANK FOR RECONSTRUCTION
                 AND DEVELOPMENT
                                                            LOAN NUMBER 9648-TR

                            GUARANTEE AGREEMENT

AGREEMENT entered into between REPUBLIC OF TÜRKİYE (“Guarantor”) and
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (“Bank”)
(“Guarantee Agreement”) in connection with the Loan Agreement of the Signature Date
between the Bank and Türkiye Kalkınma ve Yatırım Bankası A.Ş., also known as
Development and Investment Bank of Türkiye (“Borrower”), concerning Loan No. 9648-TR
(“Loan Agreement”). The Guarantor and the Bank hereby agree as follows:

              ARTICLE I – GENERAL CONDITIONS; DEFINITIONS

      Section 1.01. The General Conditions (as defined in the Appendix to the Loan
Agreement) apply to and form part of this Agreement.

         Section 1.02. Unless the context requires otherwise, the capitalized terms used
in this Agreement have the meanings ascribed to them in the General Conditions or in the
Loan Agreement.

                            ARTICLE II – GUARANTEE

        Section 2.01. Without limitation or restriction upon any of its other obligations
under the Guarantee Agreement, the Guarantor hereby unconditionally guarantees, as
primary obligor and not as surety merely, the due and punctual payment of all Loan
Payments payable by the Borrower pursuant to the Loan Agreement.

                ARTICLE III – REPRESENTATIVE; ADDRESSES

       Section 3.01.    The Guarantor’s Representative is its Minister of Treasury and
Finance.

        Section 3.02.   For purposes of Section 10.01 of the General Conditions:

        (a)     the Guarantor’s address is:

                        T.C. Hazine ve Maliye Bakanligi
                        Inönü Bulvari No. 36
                        Emek-Ankara
                        Republic of Türkiye; and

        (b)     the Guarantor’s Electronic Address is:

                        Facsimile:
                        (90) (312) 204-7366
                        (90) (312) 204-7367.
                                  -2-



Section 3.03.   For purposes of Section 10.01 of the General Conditions:

(a)     the Bank’s Address is:

                International Bank for Reconstruction and Development
                1818 H Street, N.W.
                Washington, D.C. 20433
                United States of America; and

(b)     the Bank’s Electronic Address is:

                Telex:                  Facsimile:
                248423(MCI) or          1-202-477-6391 .
                 64145(MCI)


AGREED as of the later of the two dates written below.


                REPUBLIC OF TÜRKİYE

                By
                         _________________________________________/gs1/
                                  Authorized Representative
                                 Mr. Murat Erinç Bayrakcı
                        Name: ___________________________________/gn1/
                                 Acting Deputy Director General
                        Title: ____________________________________ /gt1/
                                 16-May-2024
                        Date: ___________________________________/gd1/


                INTERNATIONAL BANK FOR
                RECONSTRUCTION AND DEVELOPMENT

                By
                         _________________________________________/gs2/
                                  Authorized Representative
                                 J. Humberto Lopez
                        Name: ___________________________________/gn2/
                                Country Director
                        Title: ____________________________________ /gt2/
                                 16-May-2024
                        Date: ___________________________________/gd2/