World Bank to fund USD-1bn renewables programme in Turkey

The government of Turkey has sealed a USD-1-billion (EUR 919m) agreement with the World Bank to launch a programme that will promote the further deployment of renewables in the country.

The initiative unveiled on Thursday aims to expand Turkey’s installed renewable energy fleet, support sustainable development and fight climate change. Specifically, it will help establish a domestic market for distributed solar energy and launch a pilot scheme for battery energy storage.

The programme will be implemented by Development and Investment Bank of Turkey (TKYB) and Industrial Development Bank of Turkey (TSKB). The required funding will come from loans by the World Bank's International Bank of Reconstruction and Development (IBRD) and the Clean Technology Fund and grant funding will be available under its Energy Sector Management Assistance Programme.

In late 2022, the Turkish government set a goal to increase the country’s total power capacity to about 190 GW by 2035, with wind and solar accounting for almost 75% of the additions. The target for solar is set at 52.9 GW, while installed battery storage is aimed to reach 7.5 GW.

(USD 1.0 = EUR 0.919)

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