The Climate Investment Funds (CIF) has approved an investment to modernize Turkey’s power grid. The goal is to make the grid capable of handling more renewable energy, with a long-term plan to add solar and wind energy. The project involves an initial $70 million investment from CIF, which aims to attract up to $1 billion in total funding.
The funding will support a $790 million expansion of Turkey’s transmission infrastructure and add $330 million for technology upgrades. CIF partnered with the European Bank for Reconstruction and Development (EBRD) and the World Bank on this initiative, hoping to leverage 15 times CIF’s contribution by bringing in more investors.
Turkey has strong solar and wind resources, making it a favorable location for renewable energy development. CIF CEO Tariye Gbadegesin said that “this upgrade would create a “smart, flexible, and responsive” grid to handle increased solar and wind energy. The plan includes strengthening the grid, improving connections, and investing in “smart grid” technology, including digitalized distribution and higher battery storage capacity”.
Once complete, these upgrades could enable Turkey’s grid to integrate an additional 60 gigawatts of renewable energy by 2035, enough to power about 70 million homes for a year. Turkey’s Deputy Minister of Treasury and Finance, Osman Çelik, highlighted, “the country’s aim to increase renewable energy capacity and work toward net-zero emissions by 2053”.
CIF’s backing of Turkey’s renewable investment plan follows similar support for other countries in its Renewable Energy Integration (REI) program, including Brazil, Colombia, and Kenya.
