A significant portion of the 50 billion dollar cooperation agreement signed between Turkey and the United Arab Emirates will be in the field of renewable and traditional energy. It is stated that the investment will spread to many areas.
Giant investment in energy production
According to the statements made, an investment of approximately 30 billion dollars will be made in the field of energy. It is stated that investments for offshore wind power plants, solar power plants, thermal power plants and hydrogen production will start from this year if they can be completed this year or next year.
The United Arab Emirates will either be a partner in these investments, finance the project directly or undertake the project itself. Turkey has also set certain localization requirements for different categories of these projects.
Turkey has already been investing heavily in renewable energy for a long time. Solar power capacity is expected to increase by 500 percent by 2035, while the potential for offshore wind power is estimated at 40GW. It also aims to reach 2GW of hydrogen production capacity by 2030.
Translated with www.DeepL.com/Translator (free version) from ensonhaber.com