Hive Energy, a UK-based company, has stated that it will invest $4 billion in the development of solar power plants with energy storage facilities for Turkey. According to reports, the firm will be building the projects in joint ventures with two partners who are based out of Turkey.
Hive Energy’s headquarters is in Hampshire, South East England. According to the company, the total capacity of the solar energy projects will remain between 11 MW-210 MW. The cumulative capacity of the solar energy projects will be 4 GW. The investment total in solar projects will be approximately $4 billion.
Hive Energy stated that it had filed requests with Turkey’s Energy Market Regulatory Authority to build more than 30 solar energy projects. These green energy projects will be paired with storage facilities scattered throughout Turkey.
Hive Energy stated that preliminary paperwork would be completed by the end the first quarter 2023. According to reports and message paperwork, the company will receive funds from international financial institutions.
The company currently operates a solar power plant in Adiyaman, which is located on the border with South-East Turkey.
Turkey recently created its National Energy Plan for 2035. The nationwide strategy calls for the country to reach 59.9 GW of solar energy potential. It has approximately 9 GW of solar power generation. It has also streamlined the process to enable the development of solar PV as well as wind capacity, including storage systems. This has resulted in international investors gaining access to its RE sector. Hive Energy is just one example.
Turkey also has a new building regulation. Large-sized buildings must meet 5% of the energy they use from renewable sources. This will increase the country’s RE development.
According to the IEA, Turkey’s RE capacity is expected to increase by 64% or 33.8 GW over the next 5 years. It will also be one of the 10 largest RE markets worldwide.