Türkiye's TEİAŞ, World Bank sign $750 mln loan deal for power grid upgrade
ISTANBUL
The Turkish Electricity Transmission Corporation (TEİAŞ) and the World Bank on Oct. 6 signed a $750 million financing deal to strengthen Türkiye's electricity transmission network.
The "Transforming Transmission System" loan project agreement, signed on the sidelines of the 11th Energy Efficiency Forum and Exhibition in Istanbul under the auspices of Türkiye's Energy and Natural Resources Minister Alparslan Bayraktar, aims to support the Transmission System Transformation Project.
The deal was signed by TEİAŞ General Manager Orhan Kaldirim and World Bank Türkiye Director Humberto Lopez.
The project focuses on three key areas, including reinforcing the transmission grid, digitalizing system operations and management and enhancing TEİAŞ' technical capacity through training and assistance.
TEİAŞ and the World Bank are also in talks for additional financing agreements to further strengthen Türkiye's transmission infrastructure.
Speaking to the press after the signing ceremony, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said that during last week's meeting in New York, they met with representatives from the World Bank.
"The World Bank and international financial institutions have a particularly strong interest in Türkiye's energy infrastructure, specifically its electricity and natural gas infrastructure," Bayraktar said.
Noting Türkiye's central locations, Bayraktar said: "Türkiye's renewable energy targets are quite compelling."
