Turkey: 125 bn dollar investment in energy sector by 2023

Turkey is planning to invest 125 billion USD in the energy sector within the year 2023. The announcement came from energy minister Ali Riza Alaboyun, who explained that, given the country’s energy demand and dependence on foreign suppliers, the country plans to increase generating its capacity from 72 to 130 MW within 2023 and diversify its energy mix with the construction of two nuclear plants. On the renewable front, Turkey announced a new subsidy programme that will consist of VAT and customs duty exemptions, tax cuts, better investment opportunities and facilitations for employee costs. The country needs to invest approximately 130 billion USD in the renewables sector to satisfy domestic demand, 33 billion of which is slated for hydro-electric investments and 30 bn for wind and solar technologies.