The Climate Investment Funds (CIF) has committed $70 million to launch a $1 billion project aimed at upgrading Turkey's electricity grid for renewable energy expansion. This initial investment, channeled through CIF's Renewable Energy Integration (REI) platform, seeks to attract an additional $790 million for transmission infrastructure and $330 million for technological upgrades. In collaboration with the European Bank for Reconstruction & Development (EBRD) and the World Bank, the goal is to amplify CIF's initial funding more than fifteenfold through contributions from other investors.
“Our support for the development of a smart, flexible, and responsive national grid will help ready the country for such a rapid increase in intermittent wind and solar power,” stated Tariye Gbadegesin, CIF CEO. By strengthening grid connections, investing in smart-grid technology, and increasing battery storage capacity, the upgrades aim to integrate an additional 60 GW of wind and solar capacity by 2035—enough to power 70 million homes annually.
Turkey's Deputy Finance Minister Osman Çelik affirmed the country's commitment to expanding renewable capacity in line with its 2053 net-zero target. The CIF endorsement for Turkey's grid modernization follows similar support for REI initiatives in Brazil, Colombia, Costa Rica, Fiji, Kenya, and Mali.
