Turkey signed a preliminary agreement with China on Thursday, 12 November, aimed at attracting around $15 billion (€13.5bn) in investment in solar and wind projects, Energy Minister Alparslan Bayraktar said. The agreement was signed at the COP31 UN climate summit in Antalya and covers plans for solar and wind farms with a combined generating capacity of seven gigawatts, alongside energy storage and improvements to the electricity grid.
Bayraktar said the cooperation would also involve sharing technology to support the production of wind-turbine equipment in Turkey. The announcement gave no timetable for the projects or details of how they would be financed. The signing followed talks between Turkish President Recep Tayyip Erdoğan and Chinese Vice President Han Zheng at the summit on 11 November.
Han said Beijing was ready to encourage more Chinese companies to invest in Turkey and identified renewable energy as an area for closer cooperation, according to Chinese state news agency Xinhua. Turkey had around 43.8 gigawatts of solar and wind power capacity at the end of September, accounting for just over a third of its total electricity generating capacity, according to its energy ministry.
The government wants to increase solar and wind capacity to 175 gigawatts by 2040 under its new national energy strategy, which aims to shift more of the country's energy use from oil and gas to electricity. Speaking at the summit on 10 November, Bayraktar estimated that Turkey would need around $300 billion (€270bn) in investment for its energy transition by 2040, adding that attracting that money would require international partnerships and predictable conditions for investors.
Source: Euronews. Read the original report ↗