06 Aug 2021
Posted in Power
Renewable power capacity in Turkey to more than double by 2030, says GlobalData
Renewable power capacity* in Turkey is expected to increase from 19.07GW in 2020 to 49.31GW by 2030, growing at a remarkable compound annual growth rate (CAGR) of 10%, according to GlobalData, a leading data and analytics company.
According to GlobalData’s report, ‘Turkey Power Market Outlook to 2030, Update 2021 – Market Trends, Regulations, and Competitive Landscape’, this growth is supported by the Renewable Energy Law, which aims to assist Turkey in achieving its renewable power targets.
Rohit Ravetkar, Power Analyst at GlobalData, says: “The Turkish Government has been actively encouraging the use of renewable power sources to reduce dependence on fossil fuels. Under its National Renewable Energy Action Plan (NREAP), the country is expanding its renewable power capacity led by wind power.”
Around 25 onshore wind power projects are under construction and a further 99 projects are in the process of receiving governmental permits, with total capacity collectively accounting for around 6.77 GW. The country has already achieved its 2023 target of 5 GW solar PV capacity in 2018 and the government is now planning to reach a cumulative solar PV capacity of 15 GW by 2027. Turkey is expected to comfortably meet this target by 2026.
Ravetkar adds: “The successful privatization of power distribution, along with the expected privatization of its power transmission sector, is likely to increase competition and expand growth opportunities in Turkey. The government also established a national energy exchange, which became operational in 2015. It has fostered further liberalization of the power sector and ensured more transparency and efficient matching of supply and demand. Additionally, as Turkey bridges Europe and Asia, this provides an opportunity for the country to transform into a regional energy hub.”