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Companies in Turkey are increasingly interested in using solar energy as a means of lowering their monthly electricity bills | |
| Staff Writer |
As the value of the lira has plummeted and global energy prices have risen, an unprecedented number of Turkish businesses have installed solar systems to offset their otherwise prohibitive electricity bills. Mustafa Yilmaz, head of Turkey's energy market regulator, told the state-run Anadolu Agency that more than 300 companies have applied in the past two weeks alone for approval to install solar panels, as demand for solar power in Turkey has been booming since last year after a combination of higher gas prices and a plunge in the currency caused electricity bills for companies to quadruple.
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"Companies made investment applications totaling $110 billion for renewable energy production," he was reported as adding.
Turkey imports the gas that fuels its power plants, therefore the country's power bills have been steadily rising along with the value of the lira. Russian aggression on Ukraine in February only made things worse, as supply concerns already had driven up global oil prices. The Turkish government permits companies to generate their own electricity from renewable sources for internal use, and just last month they simplified a process that lets them sell any extra electricity they generate to the grid.
Erkin Kilinc, general manager of Turkcell's energy unit Enerjicell, recently told Bloomberg that the company aims to meet 65% of its energy needs from renewable sources in the coming years.
As a result of the completion of all solar energy projects, "we expect our yearly energy expenses to fall by $90 million by 2025," he stated.
Over the past year, the number of small solar plants operated by businesses for their own needs has skyrocketed, from just over a thousand to over nine thousand. The amount of solar energy deployed in Turkey has increased from almost nothing a decade ago to roughly 9 gigawatts, enough to provide electricity for millions of homes.
Funding for environmentally friendly projects in Turkey has received €500 million ($522 million) from the European Bank for Reconstruction and Development (EBRD) in 2014. Last month, commercial lender Garanti BBVA doubled its green financing commitment to €300 million.
"There is a rise in solar energy investments for self-consumption with manufacturing companies overtaking energy firms," stated Recep Bastug, CEO of Garanti BBVA, at a recent conference. The demand for our services has increased as a result of the growing number of successful businesses that are considering this option. Since then, the solar panel industry in Turkey has seen increased investment from both domestic and international firms.
According to Halil Demirdag, CEO of solar panel maker Smart Enerji, "many organisations establish rooftop or field systems to reduce energy expenditures," including large hotels, factories, and hospitals. The "main goal" of "most of the factories under construction" is to supply this kind of need.