Turkey will need $108 billion in public and private investment as it aims to quadruple wind and solar power capacity to 120,000 MW by 2035, Energy Minister Alparslan Bayraktar said. The Ministry of Energy is working on changes to current regulations regarding renewable energy investments, as well as to encourage the private sector. As part of the push to increase capacity, the ministry will focus on 34,000 MW of pre-license and permit applications for plants that have not yet returned to investment.
“We need to speed up and focus on the capacity that is in the investment process… We intend to reduce the time period to get a permit to two years from the four years it used to be,” said Bayraktar.
Of the total investment needed to increase capacity, about $28 billion will be allocated to improve transmission infrastructure, construction of transformers and installation of high-voltage transmission networks across the country, the minister added. Turkey will hold a tender to award 2,000 MW of wind and solar plants early next year, with a new scheme offering a price floor and long-term electricity purchase guarantees that will make it easier investment financing. The country, which has modest oil and natural gas resources, has encouraged private sector investment in renewable power plants since 2005 to reduce its high import bill and insulate itself from geopolitical risks.
Solar, wind, geothermal and biomass power plants that started operating after 2005 reached approximately 30,000 MW of installed capacity, or 17.7% of total national capacity in the last 18 years.