Turkey invests $3 billion in renewable energy

The Energy Market Regulatory Board has granted preliminary licenses to solar and wind energy power plants to increase the storage capacity further, making an investment of approximately $3 billion.

While the intense demand for storage investments that will provide uninterrupted energy in solar and wind soars, the board received applications for wind and solar power plant investments with storage approximately 2.5 times the installed capacity.

The board has granted preliminary licenses for 1,400 MW power plants in the last two weeks, representing an investment of approximately $3 billion, as solar and wind investments with storage significantly lighten the load on the grid.

“The pre-licenses are important in terms of showing the investment appetite and competitive structure of the Turkish energy sector. The investment figure will increase exponentially each week, and we will hopefully see its reflections on the field in three to six months,” said Mustafa Yılmaz, the board’s president.

Yılmaz stated that 221,000 MW worth of applications were made. Noting that this figure refers to electrical power, he said that they are faced with a proud picture in terms of the point the sector has reached.

Pointing out that the board responded to the investment enthusiasm of the sector with the same enthusiasm, Yılmaz said their goal is for Türkiye to become an energy trade center as soon as possible and that the country has the potential and manpower to achieve this goal.

“Together, we will see an increase in competition and employment, as well as the development of domestic technologies. We will witness the decline in electricity generation costs, the decrease in foreign dependence on energy, and the rise in the electric vehicle market. We are on the eve of a new era in the energy sector,” he added.

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