International Development Bank Grants Türkiye $8.3M For Offshore Wind Power

The International Bank for Reconstruction and Development (IBRD) is providing a grant worth €7.9 million ($8.3 million) for Türkiye's offshore wind power plants

ISTANBUL, (UrduPoint / Pakistan Point News - 26th Oct, 2023) The International Bank for Reconstruction and Development (IBRD) is providing a grant worth €7.9 million ($8.3 million) for Türkiye's offshore wind power plants.

According to Türkiye's Official Gazette on Thursday, the deal between the bank and Türkiye aims to improve the country's capacity and potential in offshore wind power.

The grant will be used for environmental and social constraint analysis, technical, legal, and economic analysis, and capacity-building as part of offshore wind power plant site development studies.

The ending date of the grant was set as May 31, 2025.

As of this October, Türkiye's installed capacity of wind power was 11,602 megawatts, according to an analysis of figures by Anadolu.

With its investments in the clean energy sector, Türkiye ranked fifth in Europe and 12th in the world in terms of total installed renewable energy capacity.