Turkey secures $750m loan to improve power network
The state-owned Turkish Electricity Transmission Corporation (Teias) has secured $750 million in funding from the World Bank to support the country’s electricity transmission network.
The funding will focus on three key areas: reinforcing the transmission grid, digitalising system operations and management and enhancing Teias’ technical capacity through training and assistance, the state-run Andalou agency reported.
Teias and the World Bank are also in discussions for additional financing agreements. However, no details were shared.
“The World Bank and international financial institutions have a particularly strong interest in Turkey’s energy infrastructure, specifically its electricity and natural gas infrastructure,” energy and natural resources minister Alparslan Bayraktar was quoted as saying.
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Ankara is aiming to reach 120,000 megawatts of installed wind and solar power capacity by 2035, committing an investment of $100 billion.
In August Turkey secured concessional financing totalling $748 million from the World Bank to modernise and expand its power transmission infrastructure with large-scale solar and wind projects.
