Turkey is 7th in Europe's Foreign Renewable Investments

Turkey is 7th in Europe's Foreign Renewable Investments

When the world discusses the situation with Covid-19, Turkey showed its growth and potential in renewable energy investment. It became known that Turkey ranks seventh in the list of top destinations for foreign direct investments (FDI) in renewables, according to greenfield investment monitor fDi Markets' ranking of Top European Locations for Renewable Energy FDI 2020. Anadolu Agency informed about this.

According to Anadolu Agency, Turkey has taken several steps to improve its investment environment in the renewable energy sector over recent years especially through new legislation, by offering incentives to foreign investors. In the introduction of a new tender structure to expand locally-produced equipment that is needed in the renewable sector, Izmir Development Agency's (IZKA) Secretary-General Mehmet Yavuz told.

"Izmir is at the forefront when it comes to wind energy and equipment production. It has become a center of attraction for foreign investors with its logistical and port facilities, qualified labor force, and developed sub-industry," Mehmet Yavuz said.

In addition to big international companies such as Enercon, Siemens Gamesa, General Electric LM Wind Power, TPI composites, CS Wind, local firms such as Ates Celik, Dirinler Dokum, Norm Civata, GIMAS and Tibet Makina produce clean energy equipment in Izmir.

IZKA's work also encompasses developing Izmir as a pioneer in offshore wind investments along with its support for both foreign investors and local firms in developing infrastructure projects to boost employment in renewables.

Nearly 20% of wind power plants in Turkey with an installed capacity of 1,462 megawatts (MW) are located in Izmir. Taking into account the plants under construction and planned licensed wind power plants, this amount is expected to reach 1,700 MW.

The fDi's ranking showed that Europe was the world's top region for foreign investment in renewable energy projects in 2019, with the UK taking the lead.

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