Hive’s strong positioning and vast pipeline in Türkiye
Hive has been present in the Türkiye solar market since 2015 and our Country Manager, Tolga Metin, has been pursuing development opportunities.
In recent years, Tolga has been working on building a strong pipeline of solar projects, which is now more than twenty projects, equating to over 3 GW. In recent months there have been material changes to the legislation in Türkiye with respect to development process which will accelerate the deployment of renewable energy projects in the country.
The solar and wind market
Türkiye currently has more than 9 GW of solar capacity. However, it is expected that the capacity for the country will grow astronomically in coming years, with the expectation set at over 40 GW capacity for 2030. The motivation for the vast target growth is primarily driven from the fact that the Türkiye economy is heavily dependent on imported oil and gas, which has previously been a burden on the economy.
The solar market in Türkiye will boom with this new regulation and could easily become one of the fastest growing solar markets in Europe thanks to its vast country size and very high solar irradiation levels.
Energy Market Regulatory Authority Framework – November 2022
Until recently, grid allocation mechanism for renewable energy projects were set through auctions, a lengthy and costly process which slowed down renewable energy deployment. To unlock the solar and wind development activities and facilitate deployment of renewables, the Energy Market Regulatory Authority (“EMRA”) published a novel regulation and framework in November 2022.
According to the new regulation, new solar or wind farms will be able to secure a pre-license and grid capacity without enrolling in any auctions or competitive process, as long as they have co-located battery storage assets. Projects will sell power either in the spot market or through CPPAs. This positive change is expected to make Türkiye one of the fastest growing solar markets in Europe.
To find out more or make an inquiry regarding project investment, contact Tolga using the button below.