$350m will help Turkish wind
Turkey’s transmission company, TEIAS, has signed $350m (€257m) in loan agreements with the World Bank to integrate wind into the grid and strengthen the network.
The financing consists of a $300m loan from the International Bank for Reconstruction and Development, and $50m from the Clean Technology Fund, both guaranteed by the Turkish Treasury.
The funding aims to help the country meet its increasing power demand by facilitating large-scale renewables generation.
State-controlled TEIAS will implement the project, which the treasury says "aims to extend and strengthen the electricity transmission network, integrate the wind-power investments to the transmission network and support the European Network of Transmission System Operators for Electricity”.
Martin Raiser, World Bank director for Turkey, says the country has "considerable" renewables potential. "However, substantial public and private investment is needed to fully exploit this resource.
“At the World Bank, we have supported Turkey’s energy-sector reforms for over a decade, with the objective of making Turkey’s energy sector cleaner, more secure and less dependent on imports. This project is another important step in this direction.”
Turkey meets 43% of its energy from natural gas, a quarter from both coal and hydro and 7% from renewables.
Domestic gas can meet only 10% of its current consumption, leaving it to rely on imports to fuel its growing economy. Energy imports are one of the main causes of the $60bn national trade deficit.