Solar energy in Turkey grows with US companies

US companies head to Turkey for solar projects

Untapped potential and an appealing investment climate draw international energy companies to Turkey's growing renewable energy sector. Boosted by the legislation adopted early this year that favors locally produced equipment over imported hardware, 15 companies from the US consider investing in Turkey for the production of materials related to harvesting energy from the sun.

The first such project will turn a former food processing plant in the Black Sea province of Kastamonu into an assembly facility for solar panels. Benefitting from the incentives law, the solar panels to be produced in the facility will both be used in projects in Turkey and be marketed to the Middle Eastern countries.

"The US companies are eager to invest in solar energy projects in Turkey," according to Michael Lally, Commercial Counselor to the US Embassy in Ankara. Recalling that the US Eximbank has allocated a USD 1 billion loan for renewable energy projects in Turkey, Lally said that 15 energy companies from the US will visit Turkey in November to assess investment opportunities.

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