The Climate Investment Funds (CIF) approved a $70 million investment plan for Türkiye to boost the country's power transmission system while advancing the country's green goals, CIF announced on Thursday.
The fund aims to mobilize an additional $1 billion in climate finance while contributing to the green expansion of Türkiye's energy system through a $70 million injection of concessional finance, ultimately helping the country achieve one of the most ambitious clean energy scale-ups in the world.
Developed in collaboration with the European Bank for Reconstruction and Development (EBRD) and the World Bank Group, the plan is expected to bring in more than 15 times the initial investment in co-financing.
The fund will enable the completion of a $790 million project, aiming to transform the national power transmission system by expanding the transmission infrastructure, strengthening connections and investing in smart-grid upgrades.
It will also make possible a $330 million investment in a suite of technologies to improve system flexibility, including decentralized electric charging stations, digitalization of the power distribution grid and a 7,500 megawatts increase in battery energy capacity.
With these improvements, Türkiye should be in a position to integrate an additional 60 gigawatts of wind and solar energy capacity into the power grid by 2035.
Türkiye's net zero emissions path towards sustainable future requires commitment to fostering renewable energy, Osman Celik, deputy minister of treasury and finance said adding that 'catalyzing investments in green and clean energy holds great importance for utilizing our country's potential in renewables.'
'Under the Renewable Energy Integration Program, we remain committed to our strong partnership with the Climate Investment Funds, World Bank Group and EBRD to implement the essential clean energy transformation,' he said.
Tariye Gbadegesin, CEO of CIF, emphasized that Türkiye has the solar and wind resources to execute one of the most ambitious clean energy scale-ups in the world.
'Our support for the development of a smart, flexible and responsive national grid will help ready the country for such a rapid increase in intermittent wind and solar power,' Gbadegesin said.
By Basak Erkalan
Anadolu Agency
energy@aa.com.tr