- GlobalData expects Turkey to achieve renewable energy capacity of 49.13 GW by 2030
- Cumulative solar power capacity of Turkey is likely to comfortably grow to 15 GW by 2026, instead of targeted year of 2027
- Supportive regulatory framework and growing privatization is expected to expand growth opportunities
Market research firm GlobalData expects total non-hydro renewable energy capacity in Turkey to grow to 49.13 GW in 2030, growing from 19.07 GW in 2020, in its latest report Turkey Power Market Outlook to 2030, Update 2021—Market Trends, Regulations and Competitive Landscape.
This would mean a compound annual growth rate (CAGR) of 10% which the analysts term as ‘remarkable’, spurred by the Turkish Renewable Energy Law. “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,” said GlobalData Power Analyst, Rohit Ravetkar.
According to GlobalData, all of the renewable energy capacity in the country is expected to come mainly from onshore wind and solar PV, with the balance contributed by geothermal, biopower and solar thermal technologies. The country was able to achieve its 5 GW solar PV capacity target for 2023, ahead of its time in 2018. GlobalData sees the country comfortably meeting its target of achieving 15 GW of cumulative PV capacity by 2026, a year ahead of scheduled 2027.
If Uzbekistan’s Energy Ministry has its way, it may increase the country’s 2030 solar PV target from 5 GW now by 2 GW to a total of 7 GW, and for wind energy to 5 GW.
etween January 2021 and April 2021, despite its financial crisis, Turkey was reported to have added 398 MW of new solar power capacity taking its cumulative to over 7 GW, after adding 672 MW in 2020 (see Turkey’s Installed Solar Power Capacity Exceeds 7 GW).
GlobalData’s research shows the country had around 25 onshore wind power projects under construction and a further 99 projects in queue to receive governmental permits, accounting for a cumulative of around 6.77 GW.
Citing Turkey’s location as a bridge between Europe and Asia which works well to transform the country into a regional energy hub, GlobalData said the country’s successful privatization of power distribution and expected privatization of its transmission sector will also contribute to growing competition and expand growth opportunities.
“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,” added Ravetkar.
The report can be purchased from GlobalData’s website with prices starting from $2,500.