Climate Investment Funds (CIF) announced a $70 million grant to Türkiye to accelerate the country's integration of renewable energy into its power grid. The grant, developed in collaboration with the European Bank for Reconstruction and Development (EBRD) and the World Bank Group, aims to mobilize over $1 billion in climate finance and modernize Türkiye's power infrastructure.

The funding will support a $790 million initiative to upgrade and expand Türkiye's power transmission system, including improvements in transmission infrastructure, smart grid technology, and system flexibility. Additionally, a $330 million investment will enhance the grid's adaptability, integrating decentralized charging stations, grid digitalization, and a significant increase of 7,500 MW in battery storage capacity. These upgrades will facilitate the addition of 60 GW of wind and solar capacity by 2035.

According to Osman Celik, Türkiye's Deputy Minister of Treasury and Finance, the investment aligns with Türkiye's commitment to a net-zero future, enabling a rapid scale-up of the country's renewable resources. Tariye Gbadegesin, CIF CEO, highlighted Türkiye's unique capacity for green growth, emphasizing that the CIF's support for grid flexibility will help the nation reach its ambitious clean energy targets.

Source: aa.com.tr