RES Acquires Turkish Wind Portfolio

UK renewable energy firm RES has concluded the acquisition of a portfolio of wind power projects in the Turkish market, representing close to 500 MW of capacity.

The projects, at different stages of development, are due to be realised over a period of three to four years and the first generating licence is expected to be granted within the next few months. They represent a potential total investment of nearly €750 million.

Turkey has a strong renewable energy potential and RES says it will be concentrating its efforts on wind and solar power. The company has opened a subsidiary, RES Anatolia, in Istanbul and the introduction of RES into the Turkish market has been supported by the Investment Support and Promotion Agency of Turkey (Invest in Turkey), RES says.

Jean-Marc Armitano, CEO of RES Mediterranean said: “We have been actively reviewing our expansion in the Mediterranean markets and have identified the Turkish market as one of the major growth areas for our business. Meeting the electricity growth in Turkey combined with the need to reduce carbon emissions, will create a favourable environment to make use of its enormous wind and solar energy resources. This acquisition is a first major milestone in what we hope will be a long and successful enterprise in Turkey.”

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