Brussels, 17/02/2015 (Agence Europe) - With the support of the European Bank for Reconstruction and Development (EBRD), the Turkish Ministry of Energy and Natural Resources has developed an action plan for the development of renewable energy by 2023 in line with the EU's renewable energy directive, the bank announced in a press release on 16 February.
Through this plan, Turkey has pledged to develop 30% of its total installed capacity from renewable sources by 2023. The objective is to add 34 GW of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1 GW of geothermal and 1 GW of biomass, the EBRD states. The country also aims to have 10% of its transport sector needs met by renewable energy in ten years' time.
The action plan developed with the EBRD is the guiding document for the Ministry of Energy and Natural Resources to meet these targets. It sets out the course of action required to attract more investment in renewable energy projects. For example, the document identifies the regulatory gaps hindering private investment in the sector and establishes measures based on international best practices. These include financial support for projects, cutting red tape and improving the legal framework, enhancing the interconnection infrastructure and developing support mechanisms such as the early stage geothermal support framework currently being pioneered by the EBRD.
The bank's initiative in support of the Turkish government is funded by a €150,000 grant provided by the government of Spain. To date the EBRD has directly co-financed the construction of two of the largest wind farms in Turkey: the 142.5 MW Enerjisa Bares wind power plant in Balikesir and the 135 MW Rotor wind farm in Osmaniye, which together provide about 8% of Turkey's current wind-power-generated electricity. Sustainable energy represents almost half of the bank's total portfolio in the country and, since 2009, the EBRD has invested €2.1 billion in 55 such projects. (Emmanuel Hagry)