Turkey secures $6bn from World Bank for power project

Turkey has reached a $6 billion funding agreement with the World Bank for the first phase of the country’s power transmission network expansion.

Minister of energy and natural resources Alparslan Bayraktar said the financing will be invested in expanding the country’s high-voltage electricity transmission network.

Turkey is focused on meeting its 2035 renewable energy target of 120,000 megawatts of installed wind and solar capacity, Bayraktar said in a post on social media platform X.

No details were given on when the funding will be released.

He added that opportunities for cooperation in areas such as renewable and nuclear energy, as well as natural gas, were discussed.

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In October the state-owned Turkish Electricity Transmission Corporation (Teias) agreed $750 million in funding with the World Bank to support the country’s electricity transmission network.

Private power distributor Enerjisa Enerji also obtained funding to refurbish its power distribution network in regions affected by the February 2023 earthquakes.

In August Turkey received concessional financing totalling $748 million from the World Bank to modernise and expand its power transmission infrastructure with large-scale solar and wind projects.