Turkiye plans $10 billion power grid investment by 2030

Türkiye to focus on renewables, upgrade of transmission infrastructure and energy efficiency improvements

Türkiye’s energy minister announced plans on Monday to invest $10 billion in the electricity grid by 2030 with the aim of establishing a ‘Green Grid.’

According to Alparslan Bayraktar, the energy and natural resources minister, during his video speech at COP 28 in Dubai, the country’s energy transition requires continuous power grid upgrades to facilitate the utilization of renewables.

This will necessitate upgrading the transmission infrastructure to cater for more renewables and improvements in energy efficiency across all sectors, the minister said.

The country aims to increase installed electricity capacity to 190 gigawatts by 2035,including 60 gigawatts of renewable energy generation capacity, Bayraktar said.

‘That’s why we are working towards a ‘Green Grid’ that has strong interconnectivity and is able to manage projected renewable capacity increases. We have a $10 billion grid investment plan by 2030,’ he announced.

The country’s current installed capacity exceeds 106 gigawatts, 55% of which is comprised of renewables.

According to the minister, the ministry will work hand in hand with the private sector and foreign investors to enhance a large-scale expansion of renewable energy, which would involve a substantial financial outlay.

The ministry has already begun discussions with the World Bank, which has committed to support the scale-up plan with financial and technical assistance, partnering with the ministry and key private sector actors.

In addition, as the role of the private sector is critical to the success of these endeavors, the ministry is also looking at modifying policies to create a more supportive environment for private investment opportunities and to foster competitiveness in the sector.

In line with the country’s sustainability plans, Türkiye also targets emissions reductions of 100 million tons cumulatively between 2024 and 2030.

Source: aa

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button