World Bank adds $325m financing to Turkish renewable energy project

In:

Renewable energy, Traditional energy

Region:

Europe

The World Bank has approved additional financing of €289.5 million ($325 million) to the Turkish Electricity Transmission Company (TEİAŞ) for the Renewable Energy Integration Project (REIP).

The REIP is assisting in the development and strengthening of transmission infrastructure to support integration of wind power plants to the electricity transmission grid, implementation of smart-grid investments to improve operations and management, and installation of submarine power cables to interconnect wind energy locations with other parts of Turkey.

This financing will assist Turkey in meeting its increased power demand by strengthening the transmission system and facilitating integration of large-scale renewable energy generation.

The original project with a €217.6 million International Bank for Reconstruction and Development loan and a $50 million Clean Technology Fund loan was approved in May 2014.

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