Turkey to lure $28 billion in renewable energy investments: IFC

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Turkey’s renewable energy sector will attract nearly $28 billion investments by 2020, according to a new report by the World Bank’s IFC arm. 

Some $16.4 billion of these investments will be made in wind power, $7.4 billion in solar energy, $3.4 billion in geothermal energy and $560 million in hydro power, according to data compiled by state-run Anadolu Agency. 

The country is also expected to invest $18.6 billion in green infrastructure projects and waste management works, noted the IFC report. 

The transport sector will be another key sector, which has great potential in attracting green investments. In this vein, investments worth at least $24 billion are expected to be made in low-carbon transportation in Turkey.  

Turkey aims to meet 37 percent of its energy needs from renewable resources by 2023, and made investments worth around $1.9 billion in renewable energy last year.

Turkey wants to reach 20,000 megawatts (MW) of additional capacity in wind power, 5,000 MW in solar power and 600 MW in geothermal power by 2023.

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