World Bank funds Turkey with $1 Billion to support renewables

The Turkish government has signed a USD 1 billion (EUR 919 million) agreement with the World Bank to initiate a program promoting the expansion of renewable energy in the country.

The post World Bank funds Turkey with $1 Billion to support renewables appeared first on Green Prophet.

A facade of shimmering steel panels envelops this control centre that Istanbul studio Bilgin Architects has created in the plains of Karapinar, Turkey, for one of Europe's largest solar farms. Named Central Control Building, it is designed by Bilgin Architects to act as a centralised location from which to monitor and control the expansive field of 3.2 million solar panels. A facade of shimmering steel panels envelops this control centre that Istanbul studio Bilgin Architects has created in the plains of Karapinar, Turkey.

The Turkish government has signed a USD 1 billion (EUR 919 million) agreement with the World Bank to initiate a program promoting the expansion of renewable energy in the country.

Announced on Thursday, the initiative aims to increase Turkey’s installed renewable energy capacity, support sustainable development, and combat climate change. It will focus on creating a domestic market for distributed solar energy and launching a pilot project for battery energy storage.

Read Related: Stunning solar energy plant in Turkey

The program will be executed by the Development and Investment Bank of Turkey (TKYB) and the Industrial Development Bank of Turkey (TSKB). Funding will be provided through loans from the World Bank’s International Bank for Reconstruction and Development (IBRD) and the Clean Technology Fund, with additional grant funding available under the Energy Sector Management Assistance Programme.

In late 2022, Turkey set a goal to raise its total power capacity to approximately 190 GW by 2035, with wind and solar making up nearly 75% of the new additions. The solar capacity target is 52.9 GW, and installed battery storage is aimed to reach 7.5 GW.

Turkey has a dynamic history with renewable energy, driven by its diverse geography and growing energy needs. The country’s efforts to harness renewable resources began in earnest in the early 2000s, with a significant focus on hydroelectric power due to Turkey’s ample rivers and mountainous terrain. Hydropower remains a cornerstone of Turkey’s renewable energy portfolio, accounting for a substantial portion of its energy mix.

A facade of shimmering steel panels envelops this control centre that Istanbul studio Bilgin Architects has created in the plains of Karapinar, Turkey, for one of Europe's largest solar farms. Named Central Control Building, it is designed by Bilgin Architects to act as a centralised location from which to monitor and control the expansive field of 3.2 million solar panels.

A new solar energy park in Turkey

In recent years, Turkey has expanded its renewable energy strategy to include wind and solar power. The government introduced policies and incentives to attract investment in these sectors, resulting in rapid growth. For instance, Turkey’s wind energy capacity has seen a significant increase, with installations concentrated in regions with high wind potential like the Aegean and Marmara. Similarly, solar energy has

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