Climate Investment Funds (CIF), one of the world's largest multilateral funds, has committed $1 billion to support Turkey's ambitious green energy scale-up. The fund’s board has approved a $70 million investment from its Renewable Energy Integration (REI) platform, which will contribute to transforming Ankara's energy infrastructure.

The CIF funding is set to mobilise an impressive $790 million to overhaul Turkey’s power transmission system and introduce advanced smart-grid technologies. This initiative will also unlock a $330 million investment aimed at enhancing system flexibility through new technologies. Key upgrades include the development of decentralised electric charging stations, digital enhancements to the power distribution grid, and an expansion of battery energy capacity by 7,500 megawatts (MW).

These advancements will enable Turkey's power grid to incorporate an additional 60 gigawatts (GW) of wind and solar energy capacity by 2035. The plan will see Turkey’s solar photovoltaic capacity quadruple from 14 GW to nearly 53 GW and wind capacity more than double, increasing from 12 GW to 29.6 GW.

“Turkey has the solar and wind resources to execute one of the most ambitious clean energy scale-ups in the world,” said Tariye Gbadegesin, chief executive of CIF. “Our support for the development of a smart, flexible, and responsive national grid will help ready the country for such a rapid increase in intermittent wind and solar power,” he added.

This comprehensive energy strategy, developed in collaboration with the European Bank for Reconstruction and Development and the World Bank Group, is anticipated to generate more than 15 times the initial investment in co-financing, highlighting the project’s potential impact.

Turkey's commitment to renewable energy expansion has attracted growing investor interest. The country is set to restart renewable energy auctions and continues to see warming investor sentiment in sectors like geothermal energy. The REI platform includes ten countries, with investment plans also approved for Brazil, Colombia, Costa Rica, Fiji, Kenya, and Mali.