2 weeks Ago By [email protected] (MENAFN)
( MENAFN ) The World Bank Country Chief, Humberto Lopez, informed a Turkish news agency that World Bank, and Turkey are in discussions to finance about USD28 billion campaign to renovate the nation’s energy transmission. “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 $28 billion,” Lopez informed on the sidelines of the Turkey Offshore Wind Summit conducted in Istanbul on November 7-8. In the previous month, Turkish Energy and Natural Resources Minister Alparslan Bayraktar stated that Turkey targets to surge installed wind and solar capacity to 120 gigawatts by 2035, and needs almost USD80 billion investment with extra USD28 billion to improve the essential energy transmission infrastructure.
Lopez highlighted three main concerns in Turkey’s energy transmission. “On the one hand, you have energy generation. This is mainly private sector activity.
This will require over the coming years around $80 billion. There is a second part, energy transmission. This falls within the public sector.
There is a third part, energy distribution. This is also for the private sector.” The World Bank is already in partnership with the Turkish Energy and Natural Resources Ministry on a USD750 million project, set to kick off in the upcoming year, with aims to improve the energy transition, Lopez said.
He further noted that “We will come with the second project in a couple of years similar amount for the energy transmission.” MENAFN11112024000045015682ID1108870908 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
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