Turkey’s Zorlu Energy Group along with the Asian Development Bank will launch an energy company in Dubai to invest in the Asian and Middle Eastern energy sector, Zorlu Energy head said on Oct. 10.
Speaking at Turkey’s eighth energy summit in Antalya, Turkey’s Zorlu Energy Group Head Sinan Ak said the group plans to diversify into other energy markets over the next five years.
“Solar energy, geothermal and wind energy, in particular, will be our priority for investments in Asian and Middle Eastern countries,” he said.
This diversification plan to invest outside of Turkey comes after the group’s substantial investments of around $800 million in different sectors from electricity distribution to clean energy in Turkey.
“Zorlu Energy’s first unit of the Kizildere III geothermal power plant in Denizli in southwest Turkey became operational last month. The facility, with 165 megawatts (MW) of installed capacity, was one of the most important facilities we invested in.”
However, the group has agreed to build on its extensive experience and has decided to invest in clean energy abroad, he explained.
Ak stated that investments in Israel and Pakistan are still ongoing and plans are afoot to increase wind-installed capacity from the current 56.4 MW to 300 MW in Pakistan.
In addition, Pakistani authorities have approved the group’s pre-licensing of a 100 MW solar energy power plant.
Zorlu Energy has signed a reciprocal memorandum of understanding (MoU) with Jerusalem Electricity Distribution Company, which provides 25 percent of Palestine’s electricity with a view to establishing and operating solar energy plants to provide electricity to the country.
“We strongly believe that with the experience we have gained over the years in the Middle East, we can become a significant player in the Asia and Middle East regions with projects like this,” he said.