ENERGO: Turkey plans to invest $200bn in energy to reduce foreign dependency

Turkey plans to invest up to $200bn in energy projects by 2035 to reduce the country’s dependency on foreign resources, new Energy Minister Alparslan Bayraktar has said.

Those projects include renewables, nuclear, natural gas and oil exploration and investments in the energy infrastructure, the minister told reporters.

Bayraktar took the helm at the energy ministry to replace Fatih Donmez in a cabinet reshuffle after the May elections.

“We will seek to diversify our energy portfolio and lure foreign investments,” the minister said.

The target is to launch wind power projects, both onshore and offshore, with 1,500 MW of capacity each year, according to Bayraktar. “We aim to have offshore wind farms with a total of 5,000 MW capacity by 2035. Those wind projects will boost Turkey’s wind power installed capacity by 18,000 MW to 30,000 MW by then.”