Hive Energy, a British renewable energy company, plans to secure $4 billion in direct investment to support its proposed 4 GW of co-located solar and battery storage projects in 30 locations across Turkey.
The company has filed applications for 19 cities, with capacities ranging from 11 to 230 MW. The projects aim to provide solar-based battery storage with a total capacity of 4 GW and an average yield of more than 2,000 kWh/kW from the solar projects.
The company and its partners will begin talks with international funds and financial institutions to attract foreign direct investment to Turkey, once grid capacities are granted for pre-license, which is expected to happen in Q1 2023.
Türkiye General Manager Tolga Metin said: “Hive Energy has on-going long-term goals for renewable projects in the country. At Hive, we are implementing forward-thinking processes related to the projects.
“The UK is home to various proficient funding agencies, and as Hive Energy has ties to these funding institutions for years, we hope to quickly find suitable partners for the funding of these projects.
“Once licenses are granted in coming months, the building process of the projects will commence. The capacity of current applications corresponds to 350 times more than our current installed capacity in the country.”
Hive has been active in Turkey since 2015 and has completed a 10.5MW solar power plant project, generating 18 million kilowatt-hours of electricity annually. The Turkish renewable energy market is rapidly growing and has applications for solar and wind power reaching 160GW.
The Ministry of Energy and Natural Resources predicts that solar capacity in Turkey will reach 52.9GW by 2035. Additionally, Hive is working on a 26GW renewable energy pipeline in 20 countries, including solar, battery, wind, green hydrogen and green ammonia projects.
