en.Wedoany.com Reported - The World Bank recently approved an additional financing package of €400 million (approximately $464 million) to support Turkey in expanding onshore wind power and battery energy storage facilities. The financing is expected to add approximately 1,579 megawatts of renewable energy generation capacity and 392 megawatt-hours of battery storage capacity.

The Turkish government has set a target of achieving 120 gigawatts of combined wind and solar installed capacity by 2035, and plans to significantly expand battery storage infrastructure to enhance the integration of renewable energy into the grid. However, local financial institutions generally offer only short-term financing, and most renewable energy developers face obstacles in securing long-term funding.

This financing will be disbursed through two major development banks: the Turkish Development and Investment Bank (TKYB) and the Industrial Development Bank of Turkey (TSKB). The funds are managed under a results-based framework, meaning disbursements are made only after independent experts verify the achievement of predetermined performance indicators and project milestones. This approach aims to ensure transparency, accountability, and efficiency in the use of funds.

Building on the low-voltage solar system expansion plan approved in 2024, this new phase of financing further includes onshore wind projects and utility-scale battery energy storage systems. The World Bank stated that expanding battery storage and distributed wind power is crucial for strengthening and modernizing Turkey's electricity network. The program is expected to mobilize up to $405 million in private investment, enhance energy security and industrial competitiveness, and create jobs in the renewable energy sector.

This financing package is part of the World Bank's broader commitment of nearly $3 billion in clean energy investments, aimed at accelerating the clean energy transition in Europe and Central Asia. Turkey's progress in solar, wind, and battery storage development may provide a reference for other countries pursuing similar energy transitions.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com