Ankara:The European Bank for Reconstruction and Development (EBRD) plans to invest USD 6 billion in renewable energy and clean energy transition projects in Trkiye over the next five years.

According to Azeri-Press news agency, the EBRD has joined Trkiye's Renewable Energy Acceleration and Clean Energy Transition (REACT) Platform, which was presented during COP31.

The REACT Platform aims to attract USD 300 billion in investment for Trkiye's energy transition by 2040. The funds from the EBRD will be directed toward solar and wind energy projects, modernization of electricity grids, energy storage systems, manufacturing of energy equipment, and electrification measures.

The EBRD has collaborated closely with Trkiye's Ministry of Energy and Natural Resources to establish the platform. This initiative also receives support from the European Union, the World Bank, the International Finance Corporation (IFC), Germany's KfW Development Bank, and other international financial institutions and organizations.

EBRD President Odile Renaud-Basso emphasized the bank's extensive experience in Trkiye's energy sector and expressed readiness to mobilize investments to support the country's energy transition. She noted that Trkiye has set ambitious energy transition targets, and accelerating investment is crucial to achieving these goals.

Trkiye aims to increase the total installed capacity of its solar and wind power plants to 175 gigawatts by 2040. To date, the EBRD has invested more than EUR 26 billion in Trkiye's economy, primarily focusing on the private sector.