The World Bank on Monday announced the approval of a major financing package for the Türkiye–Transforming Power Transmission System Project (TPTS) aimed at boosting the country’s renewable energy integration.
The financing includes a €625 million ($707.9 million) loan from the International Bank for Reconstruction and Development (IBRD), a €32.798 million ($38 million) loan from the Clean Technology Fund (CTF), and a $2 million CTF grant.
"This major project aims to enable the integration of increased renewable energy capacity into Türkiye’s national power transmission grid, supporting the country's clean energy transition and climate resilience goals," the bank noted in a statement.
The project also marks Phase 7 of the broader Renewable Energy Scale-Up in Europe and Central Asia (ECARES) Program, will help Türkiye modernize and expand its power transmission infrastructure to accommodate large-scale solar and wind generation, the bank added.
The project also directly supports Türkiye’s Energy Transition – Renewable Energy 2035 (RE 2035) strategy, which targets 120 gigawatt (GW) of installed wind and solar capacity by 2035, aligning with Türkiye's net-zero emissions target by 2053, according to the World Bank.
"Türkiye has set one of the world's most ambitious renewable energy targets and at the World Bank we are proud of supporting it," Humberto Lopez, World Bank Country Director for Türkiye, was quoted as saying.
He added that by modernizing the transmission network and scaling up renewables, the country is enhancing its energy security, reducing fossil fuel import dependency, improving its competitiveness, and developing new industries with the potential to create a large number of skilled jobs.
"This project will help unlock private investment and support Türkiye’s vision of a modern and competitive energy sector," Lopez stressed.
Yesim Akcollu, the World Bank Task Team Leader for the project, also noted that this project is not just about building infrastructure, it is about enabling Türkiye’s power grid to become greener, resilient and more digital.
"By supporting TEIAS with both investments and technical assistance, we are helping unlock Türkiye’s renewable energy potential while enhancing the reliability of electricity supply for businesses and households," Akcollu said.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr