Turkey

Turkey’s Akfen Renewable Energies this week signed a new $363 million loan with six international and Turkish banks, to build 327 MW of new solar and wind power capacity.

Strong local content requirements may be embedded in the tender, according to the first draft of its rules, with selected projects required to rely on a 60% quota of modules made in Turkey. A 30 MW/ 90 MWh (AC) storage project will also be included at one of the three sites identified for the tender.

Overall, the Turkish renewable energy company secured funds in the amount of €102 million, a sum that will be invested in wind and solar projects with a combined capacity of 327 MW. The lender was the European Bank for Reconstruction and Development (EBRD).

As the lira’s troubles continued to weigh on the markets today, it remained unclear how the country’s solar market will be affected. While the plunging currency fosters uncertainty – public enemy number one for investors – it could also create conditions for lower system costs and cheaper PV projects. Nevertheless, a serious slow-down for 2018 must be considered.

Turkey has tendered 600 MW of PV capacity, very little of which has been installed to date. A new 30 MW solar PV project, however, is currently under construction.

High-efficiency module manufacturer, Panasonic announced it had completed what it says is the world’s largest project using its HIT solar modules, in Turkey.

Turkish EPC and module manufacturer, Smart Energy highlighted the importance of high-quality products and the perks of operating a giga-fab right at the gates of Europe to pv magazine at this year’s Intersolar Europe.

The measure is intended to reduce domestic foreign exchange exposure for investors and developers of PV projects up to 1 MW (and solar parks consisting of several 1 MW units). Prior to these new rules, only licensed PV projects exceeding 1 MW in size were granted this kind of financing.

Turkey is going to the polls on Sunday, and many wonder whether president Recep Tayyip Erdoğan’s gamble on a snap election could backfire. Unless there is a shock at the ballot box though, the nation’s energy sector trends are unlikely to be challenged.

Enerray talks to pv magazine about why it has set its sights on the MENAT region. In addition to the many challenges its nascent solar industry presents, there are a host of opportunities ripe for the picking.