World Bank Adds $350 Million in Loans to Renewable Energy Integration Project in Turkey

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Researched by Industrial Info Resources (Sugar Land, Texas)--The World Bank is increasing its funds for Turkey's Renewable Energy Integration Project to $350 million. According to a press release from World Bank, $300 million will be supplied by International Bank for Reconstruction and Development (IBRD), and $50 million will come from the Clean Technology Fund (CTF).

The project will be implemented by TEIAS, the Turkish electricity transmission company, with a guarantee from the Turkish Treasury. The project's main objective is to assist the country in meeting its increasing power demand by strengthening the transmission system and facilitating large-scale renewable energy generation.

The project aims to avoid greenhouse-gas (GHG) emissions from fossil fuel-based power through stronger integration of renewable energy source-based generation in Turkey.

"Turkey has considerable renewable energy potential. However, substantial public and private investment is needed to fully exploit this resource," said Martin Raiser, World Bank Country Director for Turkey. "Turkey's energy sector reforms for over a decade, with the objective of making energy sector cleaner, more secure, and less dependent on imports. This project is another important step in this direction."

The $300 million IBRD Loan will feature a variable spread, 18-year repayment period; a 5-year grace period; repayments linked to commitments; a level repayment of principal; a front-end fee financed from the borrower's own resources; and all conversion options.

The $50 million CTF Loan will have a 20-year repayment period; a 10-year grace period; and a management fee financed from the borrower's own resources.

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