Türkiye has signed a $750 million financing agreement with the World Bank to strengthen and digitalize its national electricity transmission network, the government announced Monday.

The deal was finalized between the Turkish Electricity Transmission Corporation (TEİAŞ) and the World Bank during the 11th Energy Efficiency Forum and Fair held at the Istanbul Congress Center. Energy and Natural Resources Minister Alparslan Bayraktar said the agreement marks a key milestone in upgrading Türkiye's power infrastructure as the country prepares for a projected threefold increase in electricity demand by 2050.

The Transmission System Transformation Project will focus on three main areas: enhancing transmission capacity, digitalizing grid operations and management, and providing technical assistance and capacity development for TEÄ°AÅž.

Türkiye plans to invest $28 billion in its electricity transmission infrastructure by 2035, driven by the expansion of renewable energy sources such as wind and solar. The country aims to reach 120,000 megawatts of installed wind and solar capacity within the next decade, requiring 8,000-10,000 megawatts of new plants annually.

Long-term financing discussions with the World Bank and other international financial institutions are ongoing, according to officials.

The project is expected to help ensure energy security, improve grid resilience, and facilitate the integration of renewable energy sources into Türkiye's power system.

Source: turkiyetoday.com