Türkiye and China have entered an MoU expecting $15 billion investment in the European nation’s renewable energy market
The EBRD also plans to invest $6 billion over five years through Türkiye’s REACT platform
These commitments will support Türkiye’s aim to reach 175 GW of solar and wind capacity by 2040
The launch of the 31st Conference of the Parties (COP31) has started on a positive note for Türkiye’s clean energy industry. The host country has secured major investment commitments to support its renewable energy expansion, totaling a combined $21 billion.
Under the preliminary agreement, Türkiye's Ministry of Energy and Natural Resources and China's National Energy Administration signed a Memorandum of Understanding (MoU) on cooperation in renewable energy. The agreement envisages the development of 7 GW of solar and wind power capacity, new energy storage systems and 4 GW of electricity transmission infrastructure.
Turkish Energy and Natural Resources Minister Alparslan Bayraktar said the cooperation would also facilitate technology transfer and support domestic manufacturing of wind turbine equipment, contributing to the development of Türkiye's renewable energy industry.
Separately, the European Bank for Reconstruction and Development (EBRD) announced plans to invest $6 billion in projects under Türkiye's Renewable Energy Acceleration and Clean Transition (REACT) Platform over the next five years.
The REACT platform, established in collaboration with Türkiye's Ministry of Energy and Natural Resources, aims to mobilize $300 billion in investment across the country's energy value chain by 2040.
Its scope includes renewable power generation, electricity grid infrastructure, energy storage, flexibility solutions, domestic manufacturing and electrification. The platform is also supported by the European Union, the World Bank, the International Finance Corporation (IFC) and several other international financial institutions and development partners.
Türkiye aims to increase its installed solar and wind power capacity to 175 GW by 2040, stated EBRD. The REACT initiative is intended to coordinate financing and investment to support this target and the broader transformation of the country's energy sector.
Solar PV will contribute 112 GW of Türkiye’s 175 GW target. The country also aims for 140 GWh storage capacity by 2040 (see Türkiye Targets 112 GW Solar & 140 GWh Storage By 2040).
Recently, Saudi Arabia’s Acwa said it has secured support from eight international lenders for its planned 2 GW solar PV portfolio in Türkiye (see Eight International Lenders Back 2 GW Solar In Türkiye).