Turkey’s TEİAŞ signs USD 750 million loan contract with World Bank
Turkish Electricity Transmission Corporation and the World Bank signed a USD 750 million loan agreement.
A USD 750 million loan will be used for the Transforming Power Transmission System Project. It would make the country’s energy future more reliable and efficient, Turkey’s transmission system operator (TSO) TEİAŞ said.
The agreement was signed in Istanbul vby the bank’s Country Director Humberto Lopez and Orhan Kaldırım, the company’s Chairman of the Board, in the presence of Minister of Energy and Natural Resources Alparslan Bayraktar, at the 11th Energy Efficiency Forum and Exhibition.
Bayraktar: Turkey plans to invest USD 28 billion in the transmission grid
“The World Bank and international financial institutions have a significant interest in Turkey’s energy infrastructure, particularly its electricity and natural gas sectors. Turkey is a hub country,” Bayraktar stated.
He recalled that the country plans to invest USD 28 billion in electricity transmission infrastructure by 2035.
The minister revealed that discussions on such projects are ongoing with financial institutions from both Asia and the West. Financing agreements can be expected in the foreseeable future, he added.
Lopez: The transition requires reliable transmission
World Bank Country Director Humberto Lopez stressed that Turkey’s clean energy ambitions depend on strong transmission infrastructure.
“Turkey has one of the most ambitious renewable energy plans, and this transition requires reliable transmission,” he said, as quoted by Anadolu Agency.
Lopez explained that it is very difficult for a new company to install solar or wind power facilities without a transmission grid connection secured. The USD 750 million investment aims to address the need and it is central to the government’s energy transition plan, he underlined.
The Transforming Power Transmission System Project marks the first phase of a USD 1.5 billion financing package aimed at expanding grid capacity, enhancing digital management, and accelerating the integration of renewable energy.
It will include feasibility studies for Turkey’s first high-voltage direct current (HVDC) transmission line, according to the article.
