Turkey and China sign preliminary $15 billion renewable energy deal
The agreement targets 7 gigawatts of solar and wind capacity in Turkey, as well as storage and grid improvements, but leaves financing and a timetable unannounced.
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Turkey and China signed a preliminary renewable energy agreement on 12 November aimed at attracting about $15 billion in investment, Turkish Energy Minister Alparslan Bayraktar said. The signing took place at the COP31 climate summit in Antalya.
The cooperation targets 7 gigawatts of combined solar and wind generating capacity, new energy storage systems and electricity-grid improvements in Turkey. Bayraktar also specified a target of 4 gigawatts of electricity-transmission infrastructure.
The investment amount is a target, not committed funding. The announcement gave no details of financing or a project timetable, Euronews said.
Talks preceded the memorandum
Bayraktar identified the instrument signed with China’s National Energy Administration as the Memorandum of Understanding on Cooperation in the Field of Renewable Energy. The signing followed talks at the summit on 11 November between Turkish President Recep Tayyip Erdoğan and Chinese Vice President Han Zheng.
Han said China was ready to encourage more Chinese companies to invest in Turkey and identified renewable energy as an area for closer cooperation, Chinese state news agency Xinhua said.
Bayraktar said sharing technology under the cooperation would support Turkish production of wind-turbine equipment and the development of domestic industry. He also said it would strengthen the security of Turkey’s energy supply and speed its transition to greener energy.
Turkey’s wider energy plans
The bilateral memorandum is separate from Turkey’s national energy strategy, which aims to raise solar and wind capacity to 175 gigawatts by 2040 and shift more energy use from oil and gas to electricity. Turkey had about 43.8 gigawatts of solar and wind capacity at the end of September, just over a third of its total electricity-generating capacity, its energy ministry said.
On 10 November, Bayraktar estimated that Turkey’s wider energy transition would require about $300 billion in investment by 2040. He said attracting that money would require international partnerships and predictable conditions for investors.
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