Turkey’s Electricity Grid to Get $1 Billion Upgrade for Renewable Energy

Reuters

Multilateral lender Climate Investment Funds‌ (CIF) has agreed⁣ to back a $1 billion plan to upgrade Turkey’s electricity grid so it can handle more renewable energy by providing seed⁣ investment to the project.

The CIF board agreed a $70 million investment from its Renewable Energy ‌Integration (REI) investment platform with the goal of attracting⁤ another $790 ⁤million to expand ​and improve transmission infrastructure and $330 million for technology.

Ultimately, the plan, developed with the European Bank for Reconstruction and Development (EBRD) ​and the World⁤ Bank, ⁣is⁣ to attract more ‍than 15 times CIF’s contribution ‌from other investors.

Ambitious Clean Energy Improvements

Turkey’s‍ solar and wind resources would allow⁤ it to complete “one of the most ambitious ⁢clean energy improvements in⁣ the world,” CIF ‌Chief Executive Tariye Gbadegesin said ⁣in a statement.

“Our support to develop a smart, flexible and⁢ responsive national grid will ⁢help ​prepare the country for such a rapid increase in intermittent wind and solar power.”

Modernization and Technological ‌Improvements

The modernization⁤ includes strengthening connections and investing in smart ‍grid upgrades. The technological improvements would include digitizing the distribution grid and increasing battery energy capacity.

Together, the improvements should allow Turkey’s power⁢ grid to integrate an⁢ additional 60 Gigawatts of wind and solar power capacity by 2035, CIF⁢ said, enough to power about 70 ⁢million homes for a year.

Turkey’s⁣ Commitment⁣ to Renewable Energy

Turkey’s‌ Deputy Minister,⁢ Ministry of ⁣Treasury and Finance Osman Çelik, said the country is committed to boosting⁣ its‌ renewable capacity in line with a target to achieve net zero emissions by 2053 and “green development goals.”

CIF’s approval of Turkey’s investment⁣ plan‌ follows similar steps in other REI program countries Brazil,‌ Colombia, Costa Rica, Fiji,⁣ Kenya, and Mali.