President Erdoğan Earmarks $2.5 Billion Grant For 15 GW Capacity; Allocates $1.7 Billion To Wind Energy
Key Takeaways
- Turkey plans to support high-technology investments with $30 billion in incentives and grant support
- Green energy is part of the technologies identified for which it aims to develop the local value chain
- Solar and wind energy manufacturing are part of the plans with more than $4 billion allocated
Turkey has revealed measures to attract private investment in high-technology industries, including solar PV manufacturing. The country’s President Recep Tayyip Erdoğan has announced a grant support of up to $8,000/MW for solar cell investments to establish up to 15 GW capacity in solar energy.
Speaking at the recent High Technology Incentive Program (HIT-30) in Istanbul, Erdoğan said his government has earmarked a package of $2.5 billion to encourage investments in the domestic production of solar cells.
Another $1.7 billion is allocated for the production of wind energy components to build a ‘domestic wind energy brand.’ The development of research and development (R&D) centers of large technology companies in Turkey is also part of the plans.
“We will cover half of the personnel expenses of the new centers to be established in our country by the world’s top 1000 companies in terms of R&D activities for 5 years. We are taking the first step of the HIT-30 Program without wasting any time,” shared Erdoğan.
All of these plans are part of the overarching HIT-30 Program under which the government will provide $30 billion in tax incentives and grant support to high-tech investments by 2030.
Primarily, it eyes the development of domestic value chains in the space of green energy, advanced manufacturing, semiconductors, among others. He said 2 separate calls out of 6 planned, have been designed for solar and wind technologies in the HIT-30 Program.
These 6 calls aim to bring in at least $20 billion in private sector investments to the country, according to the President.
Recently, the Turkish Energy and Natural Resources Minister Alparslan Bayraktar said the country targets to installed a minimum of 5 GW of new solar and wind energy capacity annually to achieve its 2053 carbon neutrality target (see Turkey Targeting 5 FW Annual RE Addition).
Source from Taiyang News
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