China to encourage investment in Turkish renewable energy with $15bn solar and wind deal
Türkiye wants to sharply expand solar and wind power by 2040 and is seeking foreign investment to fund the work.
Türkiye inked a preliminary agreement with China on Thursday (12 November) during the COP31 UN climate summit in Antalya, aiming to attract approximately $15 billion (€13.5bn) in investments for solar and wind projects. The deal, signed by Energy Minister Alparslan Bayraktar, includes solar and wind farms with a combined capacity of seven gigawatts, energy storage enhancements, and improvements to the electricity grid.
The cooperation plan also entails sharing technology for wind-turbine manufacturing in Türkiye. The agreement's specifics, such as project timelines and financing details, were not disclosed. The signing followed discussions between Turkish President Recep Tayyip Erdoğan and Chinese Vice President Han Zheng at the summit on 11 November.
Han expressed Beijing's willingness to encourage more Chinese firms to invest in Türkiye, highlighting renewable energy as a focal point for strengthened cooperation. Türkiye currently boasts around 43.8 gigawatts of solar and wind power capacity, constituting just over a third of its total electricity generation capacity, according to the energy ministry.
The government aims to boost solar and wind capacity to 175 gigawatts by 2040 as part of its updated national energy strategy, seeking to transition the country's energy consumption from oil and gas to electricity. At the summit on 10 November, Bayraktar projected that Türkiye would require around $300 billion (€270bn) in investments for its energy transition by 2040.
He emphasized the necessity of international partnerships and stable investment conditions to attract such funds.
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