Energo: World Bank, Turkey in talks on financing $28bn energy transmission plan

The World Bank and Turkey are in talks over a plan to provide $28bn in finance to transform the country’s energy transmission, Humberto Lopez, the World Bank country director for Turkey has told state-run news service Anadolu Agency.

“What we are discussing with the Ministry of Energy is what can be done to extract or appropriate financing for a plan on transmission that we will need around $28bn for,” Lopez said.

Last month, Turkish Energy Minister Alparslan Bayraktar said that the country was aiming to increase installed wind and solar capacity to 120 GW by 2035 and would require nearly $80bn in investment with an additional $28bn to develop the necessary energy transmission infrastructure.

The World Bank is already collaborating with the Energy and Natural Resources Ministry on a $750mn project, set to launch next year, aimed at advancing the energy transition, Lopez noted.

Lopez said that the World Bank was supporting the government's energy transition plan, which aims to add 90 GW of renewable energy by 2035, to reach a total of 120 GW.

“This is going to consist of solar, onshore wind and offshore wind. What we are trying to do at this moment is to have a good analysis of what are the capabilities,” he noted.

“What we are looking at now is basically what are the economics of offshore wind,” Lopez added, noting they would depend on several factors including wind speeds in different regions, potential wind power generation areas like the Marmara and Black Sea, water depth, and protected areas that need to be preserved.

“When you look at all these things you will have a clear view of the economics of offshore wind and how this is going to enter into the mix,” Lopez said.