KEY POINTS
- Turkey aims to quadruple wind and solar capacity to 120,000 MW by 2035.
- $108 billion is needed for the country’s renewable energy transformation.
- New regulations will ease the process for private sector investment.
Turkey plans to quadruple its wind and solar energy capacity to 120,000 MW by 2035, requiring an estimated $108 billion in public and private investments, Energy Minister Alparslan Bayraktar announced. The plan aims to transform Turkey’s energy landscape through significant renewable energy projects and regulatory changes.
Boosting capacity and investment
Accelerating ongoing renewable energy projects, such as 34,000 MW of pre-license and permit applications, is a key component of the roadmap presented by Bayraktar.
Additionally, he emphasized the necessity of streamlining the procedure and cutting the four-year permit application process down to two years.
Modifications to legislation to encourage private sector involvement, such as this year’s first renewable energy resource area tender, will be a crucial component of the project.
Turkey will allot 2,000 MW for wind and solar facilities early next year, and the bidding information will be made public next week.
Approximately $28 billion of the $108 billion needed will be used to develop high-voltage transmission grids nationwide, construct transformers, and upgrade transmission infrastructure. According to Reuters, these improvements are essential to sustaining the anticipated capacity for renewable energy.
Tackling challenges in renewable growth
The capacity of wind and solar energy in Turkey has increased recently, but problems including a sluggish approval process and a lack of funding have prevented further growth. In order to achieve Turkey’s lofty objectives, Bayraktar emphasized the significance of tackling these obstacles.
According to the energy minister, the government is creating a new plan that would make it simpler to obtain funding for renewable projects by offering a price floor and long-term electricity purchase assurances. More private investments are anticipated as a result of this action.
Since 2005, Turkey has encouraged private sector investment in renewable energy with the goal of lowering its dependency on imported fossil fuels and protecting the nation from geopolitical threats.
Despite having modest oil and gas resources, the country has successfully increased renewable energy production. Currently, renewable power plants, including solar, wind, geothermal, and biomass, account for 17.7 percent of the country’s total installed capacity.
Future growth and consumption
As Turkey’s electricity consumption continues to rise, expected to outpace its growth rate over the past two decades, the transition from fossil fuels to renewable energy will become even more crucial.
The planned renewable energy projects are set to play a key role in meeting the country’s long-term energy demands.
The energy ministry’s roadmap, which involves replacing fossil fuel energy with electricity, is designed to position Turkey as a leader in renewable energy in the region. With further investments and policy changes, the country hopes to establish a sustainable and resilient energy sector by 2035.
