March 4 (SeeNews) - The World Bank said its board of executive directors has approved a 289.5 million euro ($322.04 million) loan to the Turkish Electricity Transmission Company (TEIAS) to implement its Renewable Energy Integration Project (REIP).
The new funding is in addition to a 217.6 million euro IBRD loan and a $50 million (44.94 million euro) Clean Technology Fund (CTF) loan approved with the original project back in 2014, the World Bank said in a statement last week.
The new loan has a maturity of 14 years including a grace period of five years.
The REIP aims to help in the development and strengthening of transmission infrastructure to support integration of wind power plants to the electricity transmission grid, implementation of smart-grid investments to improve operations and management, and installation of submarine power cables to interconnect wind energy locations with other parts of Turkey.
The global lender noted that the project investment will help Turkey meet its increased power demand by strengthening the transmission system and facilitating integration of large-scale renewable energy generation while avoiding greenhouse gas emissions that come from fossil fuel-based power.
($ = 0.8988 euro)