30.Nov .2022 14:30

Turkey sees record applications for solar and wind-based storage projects

Turkey sees record applications for solar and wind-based storage projects
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A record number of applications has been received following a new regulation introduced by Türkiye's Energy Market Regulatory Authority (EMRA) on Nov. 19 for the installation of solar and wind-based storage facilities, EMRA head Mustafa Yilmaz told Anadolu Agency.

EMRA received 909 applications for the installation of approximately $110 billion worth of solar and wind-based storage facility investments.

Under the new regulation, investors who commit to installing electricity storage will also be able to apply for a pre-license to build the equivalent installed power of solar and wind.

The 909 applications correspond to 67,349 megawatts of power, from which solar-based storage projects total 334 with a potential for 19,881 megawatts of capacity, while the 575 applications for wind power-based storage projects correspond to 47,468 megawatts of installed capacity.

According to Yilmaz, the high volume of applicants reflects positive investor appetite and potential in the country, with expectations that the potential $110 billion investment volume could turn into approximately $40–45 billion of investments on the ground.

He explained that the new regulation is not only important in terms of investment volumes but also for employment and the development of domestic and battery technologies in the country, while also contributing to Türkiye's energy security and grid flexibility.

"We carried out this regulation believing in our country's potential and the trust of investors. We already see that the regulation on electricity storage facilities marks a new era in our energy sector," he said.

Türkiye's current renewable capacity accounts for over half of the country's total installed power capacity, which stood at 103,276 megawatts at the end of October.

After hydropower capacity of around 31,600 megawatts, wind is the second-biggest renewable source of electricity at 11,307 megawatts. Türkiye's installed solar power reached 9,120 megawatts at the end of October, AA reports.