Finance Minister Mehmet Şimşek (C) meets with the chiefs of the multileteral developlemt banks during the COP31 summit at Antalya.
Türkiye has signed several energy and financing agreements at COP31 in Antalya, including a renewable energy pact with China targeting about $15 billion in investment in Türkiye and $5.1 billion in deals with four development banks.
The agreements extend beyond power generation to local equipment production, industrial decarbonization and cross-border electricity trade.
They range from signed loans to preliminary studies and investment targets.
Energy and Natural Resources Minister Alparslan Bayraktar said on Nov. 12 that the memorandum with China’s National Energy Administration envisages 7,000 megawatts of solar and wind power plants, energy storage systems and 4,000 megawatts of electricity transmission capacity.
Technology transfer would support the manufacture of wind turbine equipment in Türkiye, Bayraktar said, adding that the cooperation would strengthen energy security under the country’s National Energy 2040 vision.
Treasury and Finance Minister Mehmet Şimşek announced 10 agreements worth $5.1 billion with the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), World Bank and Islamic Development Bank.
“Now it is time for implementation,” Şimşek said at the Nov. 12 signing ceremony.
The package includes $1.9 billion from AIIB: $1.6 billion for climate reforms and $300 million through Türk Eximbank.
The climate financing will support Türkiye’s emissions trading system, sustainable finance and resilience to climate change.
The World Bank Group signed three agreements totaling $1.5 billion for cities, agriculture and industry.
ADB’s agreements include 620 million euros for disaster-resilient hospitals and health services, and $500 million through VakıfBank for small businesses, with a focus on women entrepreneurs and less-developed and earthquake-hit provinces.
In nuclear energy, state-owned Türkiye Nükleer Enerji AŞ (TÜNAŞ) signed an agreement with Candu Energy, a subsidiary of Canada’s AtkinsRéalis, for feasibility and preliminary engineering work on a potential nuclear plant.
AtkinsRéalis said the study would assess the possible deployment of multiple CANDU reactors and was expected to be completed before the end of 2027.
It will examine sites, financing and opportunities for local suppliers to guide future investment decisions.
Saudi-backed renewable projects also advanced.
Eight international lenders signed a letter of support on Nov. 11 for Acwa’s Sivas and Taşeli solar plants, a step toward arranging financing for the projects.
The plants, in Sivas and Karaman provinces, represent about 1.6 billion euros in investment and will each have a capacity of 1,000 megawatts.
Acwa expects operations to begin in 2029, supplying electricity to more than 1.3 million households.
They form the first phase of a 5,000-megawatt program with Saudi Arabia.
A Nov. 10 memorandum advanced plans for the remaining 3,000 megawatts, involving wind power backed by transmission infrastructure and battery storage.
Germany’s KfW signed a 250 million-euro loan agreement with the Development and Investment Bank of Türkiye on Nov. 11 for companies’ clean-energy investments.
A separate memorandum with VakıfBank envisages up to 250 million euros for climate-friendly projects.
Ziraat Bank also signed a memorandum with KfW IPEX-Bank on Nov. 10 covering up to 500 million euros in potential financing for wind energy and other sustainable investments.
The Türkiye Industrial Decarbonization Investment Platform aims to support more than 5 billion euros in investment by 2030, targeting steel, aluminum, cement and fertilizers.
Energy exchange EPİAŞ signed a memorandum with Iceland’s International Carbon Registry on Nov. 11 to explore listing and trading voluntary carbon credits on its platforms.
Türkiye also signed a Nov. 10 clean-energy partnership with Azerbaijan, Georgia and Bulgaria.
It aims to develop cross-border grid connections and carry electricity from Azerbaijan through Georgia, Türkiye and Bulgaria to European markets.
