By: AGBI

Turkey has secured concessional financing totalling $748 million from the World Bank to modernise and expand its power transmission infrastructure with large-scale solar and wind projects.

The funding package includes €625 million ($708 million) from the International Bank for Reconstruction and Development, €33 million from the clean technology fund (CTF) and a $2 million CTF grant, the World Bank said in a statement. 

The initiative, called the ‘Transforming power transmission system project’, will be executed by the state-run Turkey Electricity Transmission Corporation.

The project directly supports Ankara’s renewable energy 2035 strategy, which targets 120 gigawatts (GW) of installed wind and solar capacity by 2035, aligning with the government’s net-zero emissions target by 2053.

“This project will help unlock private investment and support Turkey’s vision of a modern and competitive energy sector,” said Humberto Lopez, Country Director for Turkey at the World Bank.

The funding is backed by a repayment guarantee from the Turkish treasury and finance ministry, the state-run Andalou Agency reported.

The package takes Ankara’s total external concessional finance for 2025 to $7 billion, underscoring global backing for its energy transition agenda.

In December 2024 energy minister Alparslan Bayraktar said Ankara is committing to a $100 billion investment in renewable energy by 2035, in a bid to become a carbon-neutral economy within the next three decades.

The country aims to generate 7.2GW of nuclear capacity by 2035 and 20GW in its energy mix by 2050.