Turkey aiming for one-third renewable energy target for 2023
Turkey's energy minister, Taner Yildiz, has announced that the country is on course to achieve its target of sourcing one-third of its power needs from renewable energy by 2023.
Having more than doubled the country's installed renewable energy capacity to 25 GW in the past ten years, Turkey will boast an estimated 40 GW of renewable energy capacity in ten years' time – a date which also marks the Centenary of the Republic of Turkey.
Of this capacity, solar power is set to reach an estimated 3 GW, according to Turkey's Energy Market Regulatory Authority (EMRA), fuelled by a burgeoning appetite for solar and government support for locally produced equipment manufacturing.
Wind power, however, is set to lead the way, accounting for almost half of the country's renewable power generation by 2023. Geothermal energy will play a small part too, increasing to 600 MW within a decade.
Aiding this growth in renewable energy generation is the European Bank for Reconstruction and Development (EBRD), which has put together a financial loan package totaling $70 million for Turkish national bank Turkiye IsBankasi. This loan will be used by the bank to fund mid-sized renewable energy projects in the country, helping Turkey reach its sustainability goals for 2023.
"The Turkish renewables market has the potential for significant expansion, as reflected in the Government’s 2023 sustainable energy targets," said EBRD's director for Turkey, Mike Davey. "EBRD financing of renewable and energy efficiency not only helps to fight climate change, but it also helps to bring private investment to the market."
The EBRD has so far invested close to $4 billion in Turkey, with approximately half that figure ($2.1 billion) spent towards developing the country’s renewable energy sector.