British firm eyes to attract $4B solar power investment in Türkiye

A UK-based company, Hive Energy, is planning to attract $4 billion in direct investment to Türkiye for about 4 gigawatts of proposed solar-based battery projects in 30 locations across the country.

Tolga Metin, Hive Energy’s Türkiye country manager, told Anadolu Agency that the plans to develop and attract investments for large-scale projects to the country is proof of the trust in Türkiye's clean power potential.

According to International Energy Agency data, Türkiye's renewable energy capacity is expected to grow 64 percent, or 33.8 gigawatts, in the next five years which will help it rank among the 10 biggest renewable markets in the world.

Solar power is set to take the lion's share in the expected growth, with 49 percent, while wind power is set to account for 24 percent of the total growth.

As Hive Energy speeds up investment plans in Türkiye with the support of the British Chamber of Commerce in Türkiye (BCCT), Hive Energy has applied for solar-based battery projects with capacities ranging from 11 to 230 megawatts in scale.

The applications focus on 19 cities, from Gaziantep in the country’s southeast to Balikesir in the west.

The total capacity of the proposed solar-based battery projects is about 4 gigawatts.

If the total capacity is granted for pre-license, which is expected to be determined by the first quarter of 2023, the company and its partners will carry out negotiations to attract foreign direct investment to Türkiye.

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Growing solar power volume

Türkiye’s current installed capacity in solar power stood at 9.32 gigawatts as of November 2022.

The country has received record applications for solar and wind-based battery projects since the opening of the applications in mid-November last year.

According to an announcement by Türkiye's Energy Market Regulatory Authority last week, the applications received in just over a month proposed the installation of 164.2 gigawatts, although the capacity of 30 gigawatts will be allocated.

The applications for solar-based battery projects have reached 72.4 gigawatts, while for wind-based projects, the amount stood at 91.8 gigawatts. The total investment value of the applications is calculated as $230 billion, while $40-45 billion of this amount is expected to turn into investments regarding the allocated capacity.

Tolga Metin said that Hive Energy has a long-term view in renewable projects in Türkiye.

"As Hive Energy, we are carrying out the whole process regarding the projects. When the process advances to a certain point, we start negotiating with a number of funds and financial institutions. The UK is home to various funds, and as Hive Energy has been in a relationship with these funds and institutions for years, it is quite easy for us to find loans for these projects," he said.

Once the licenses are granted, the building process of the projects will begin, Metin said, adding the company has already started negotiations with some of the funds and financial institutions.

Hive Energy has 10.5 megawatts solar power plant in Türkiye's southeastern province of Adiyaman which generates 18 million kilowatt-hours of electricity per year.

"The capacity of current applications corresponds to 350 times more than our current installed capacity in Türkiye," Metin added.

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