Up to $3.4 billion investment for geothermal expected by 2020 in Turkey

Kizildere geothermal plant, Turkey (source: www.saraykoy.gov.tr)

Alexander Richter 21 Nov 2016

In a new report the International Finance Corporation (IFC), the private sector arm of the World Bank, predicts that Turkey will attract up to $28 billion in investments in renewable energy by 2020.

In a write up by Anadolu Agency from the IFC “Climate Investment Opportunities in Emerging Markets” report, describes that Turkey’s growth in gross domestic product left many G20 countries behind despite recent political events in the country, therefore enabling the investors’ interest in Turkey to continue.

The report indicates that Turkey, which has the potential for investors in the clean energy sector, will receive $27.7 billion in investment in renewable energy by 2020, amounting to $16.4 billion in wind energy, $7.4 billion in solar power, $3.4 billion in geothermal and $560 million in the hydroelectric field.

The completion of the said investments is of grave importance in terms of Turkey’s goals in renewable energy. Turkey aims to meet 37 percent of its electricity generation from renewable energy sources by 2023. The IFC suggests that Turkey, which invested $1.9 billion in renewable energy last year, is moving toward this goal with certain steps.

By 2023, Turkey plans to build an additional capacity of 20,000 megawatts of wind energy, 5,000 megawatts of solar energy and 600 megawatts of geothermal energy.

Source: Daily Sabah, IFC