The United Kingdom-based Hive Energy has said that it will be investing $4 billion for the development of solar power projects with energy storage facilities in Turkey. As per reports, the company will be constructing the projects through joint ventures with two partners based out of Turkey itself.
Hive Energy is headquartered in Hampshire in South East England. The company said that the solar power projects would be in the capacity range of 11MW to 210 MW and cumulatively it will have a capacity of 4GW. The total investment in the solar projects will be about $4 billion.
Hive Energy said that it has filed requests with Turkey’s Energy Market Regulatory Authority (EMRA) for the construction of over 30 solar power projects. These green energy projects will also be coupled with storage facilities spread across Turkey.
Hive Energy also mentioned that the preliminary paperwork will be completed by the end of the first quarter of 2023. As per reports, post paperwork completion, the company will obtain funds from international financial institutions.
The company is already operating a solar power plant of over 10 MW in Adıyaman that lies in South-East Turkey.
Turkey has recently come up with its National Energy Plan for 2035. It looks to reach 59.9 GW of solar power capacity under the national plan. It currently has about 9 GW of solar energy generation. It has also simplified the procedure enabling the expansion of solar PV and wind capacity including storage systems which has resulted in attracting global investors into its RE sector; Hive Energy is one among them.
Turkey has also come up with a new regulation for buildings, under which large-sized buildings are stipulated to meet 5 per cent of energy that they consume from renewable resources. This is expected to raise the RE development in the country.