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British renewable energy and circular economy company Hive Energy [Hive], is planning to attract $4 billion (TL 75.11 billion) direct investment for over 4 GW of proposed co-located solar and battery storage projects in 30 locations across Türkiye.
The company has applied for co-located solar and battery storage projects with capacities ranging from 11 to 230 MW in scale. The applications focus on 19 cities, from Gaziantep in the country’s southeast to Balıkesir in the west. The total capacity of the proposed solar-based battery projects is around 4 GW and average energy yield for solar projects is over 2,000 kWh/kW.
Once the grid capacities have been granted for pre-license, which is expected to be determined by the first quarter of 2023, the company and its partners will initiate discussions with international funds and financial institutions to attract foreign direct investment to Türkiye.
With the applications for SPP and RES reaching 160 GW in the current situation, the Turkish renewable energy market is predicted to be one of the fastest growing clean energy markets in Europe. According to the Turkish National Energy Plan 2022, published by the Ministry of Energy and Natural Resources, it is foreseen that the installed capacity of Solar Energy will increase to 52.9 GW by 2035.
Hive has been active in Türkiye since 2015, with one successful project already complete. The 10.5 MW solar power plant in Türkiye’s southeastern province of Adıyaman generates 18 million kilowatt-hours of electricity per year. As well as the Adıyaman farm, Hive has completed or sold a further 45 solar projects across the UK, Spain, and Cuba. Additionally, Hive Energy is developing a 26 GW, renewable energy pipeline in 20 countries, consisting of solar, battery, wind, green hydrogen, and green ammonia projects.
Tolga Metin, Türkiye General Manager, said that Hive Energy has on-going long-term goals for renewable projects in the country. “At Hive, we are implementing forward-thinking processes related to the projects. When the process advances to a certain point, we start negotiating with several funding and financial institutions. The UK is home to various proficient funding agencies, and as Hive Energy has ties to these funding institutions for years, we hope to quickly find suitable partners for the funding of these projects.” he said.
“Once licenses are granted in coming months, the building process of the projects will commence,” Metin said, adding the company has already started negotiations with some funding and financial institutions. “This is a fantastic growth of our portfolio in Türkiye. The capacity of current applications corresponds to 350 times more than our current installed capacity in the country.” Metin added.