Turkey aims to quadruple wind and solar capacity by 2035
Turkey‘s Energy Minister, Alparslan Bayraktar, announced that the country will need $108 billion in public and private investment to increase its wind and solar power capacity to 120,000 MW by 2035, aiming to quadruple its current capacity.
This announcement was made during an event outlining Turkey’s renewable energy roadmap. The first renewable energy resource area tender conditions for 2024 will be disclosed next week.
The energy ministry is revising regulations to encourage private sector investment in renewables and expedite existing project approvals. The ministry will prioritize 34,000 MW of pre-license and pending plant applications to accelerate capacity growth. The permitting process, currently taking up to four years, will be shortened to two years to speed up the implementation of projects.
Of the total investment, approximately $28 billion will be allocated to upgrading transmission infrastructure, including the construction of transformers and high-voltage transmission grids nationwide. Although Turkey has seen a significant rise in wind and solar capacity in recent years, long permitting processes and financing challenges remain key issues for energy sector investors.
To further boost capacity, Turkey plans to hold a tender early next year for 2,000 MW of wind and solar projects. This new tender will offer a price floor and long-term electricity purchase guarantees, providing more stability for investors and improving financing conditions.
Turkey has been incentivizing renewable energy investments since 2005 to reduce its reliance on imported fossil fuels and mitigate geopolitical risks. Since then, solar, wind, geothermal, and biomass power plants have reached approximately 30,000 MW in installed capacity, accounting for 17.7% of the country’s total installed capacity. Despite these advances, Turkey’s electricity consumption, which has tripled over the last 20 years, is expected to rise further as the country transitions from fossil fuels to cleaner energy sources.