Hive Energy unveils 4 GW of solar-plus-storage projects in Turkey

UK renewables developer Hive Energy has unveiled proposals for more than 4 GW of co-located solar and battery storage projects in Turkey.

The company said it has applied for the projects which are between 11 MW and 230 MW in size and are located across 30 sites in 19 cities, from Gaziantep in the southeastern part of the country to Balikesir in the west.

The developer plans to start work on attracting USD 4 billion (EUR 3.7bn) direct investment for the portfolio once the grid capacities have been granted for pre-license, which is expected by the first quarter of 2023.

“When the process advances to a certain point, we start negotiating with several funding and financial institutions. 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,” said Turkey general manager Tolga Metin.

“Once licenses are granted in coming months, the building process of the projects will commence,” Metin added.

Hive says it has been present in Turkey since 2015 and has completed one project, a 10.5-MW solar power plant in the province of Adiyaman.

The company comments on its website that legislation changes in the country in recent months will accelerate renewables deployment. The reforms concern grid allocation mechanisms for renewables which until recently were set through auctions.

“According to the new regulation, new solar or wind farms will be able to secure a pre-license and grid capacity without enrolling in any auctions or competitive process, as long as they have co-located battery storage assets,” the company explains. Projects will be able to sell power in the spot market or through corporate power purchase agreements (CPPAs).

It notes that the Turkish National Energy Plan 2022 projects 52.9 GW of installed solar capacity by 2035, compared to above 9 GW currently.

(USD 1 = EUR 0.930)

Choose your newsletter by Renewables Now. Join for free!