Skip to content Skip to Search
Skip navigation

Total signs deal to expand Turkey’s green energy output

By Pramod Kumar
Turkey energy Ronesans Holding
Ronesans Holding president Erman Ilıcak and TotalEnergies Gas, Renewables & Power President Stephane Michel signing the pact

France’s TotalEnergies and Turkey’s Ronesans Holding have entered into a partnership to expand renewable power generation capacity in Turkey.

TotalEnergies will take a 50 percent stake in Ronesans Enerji and jointly develop 1,000 megawatt (MW) of wind and solar farms over the next three years, the Daily Sabah newspaper reported, citing Ronesans Holding president Erman Ilıcak.

The value of the stake buyout was not disclosed.

Ronesans Enerji presently operates six hydroelectric plants with a total installed capacity of 166 MW. The company has been awarded licenses to build wind farms.

The Turkish company aims to be one of the sector’s top three green energy companies, spearheading the nation’s green transformation.

“Through this partnership, we will closely monitor new technologies and vertical integration investment opportunities related to green energy transformation,” Ilıcak stated.

Turkey’s energy and natural resources minister Alparslan Bayraktar said the country intends to increase its renewable energy target from 1,000 MW to 5,000 MW in the shortest possible time.

The minister noted that 55 percent of the country’s installed capacity today comprises renewable energy sources.

The objective of the Turkiye National Energy Plan, announced last February, is to expand the share of renewable energy within the installed capacity to 65 percent by 2035, Bayraktar added.

Latest articles

A Geely Galaxy E8 electric vehicle at Auto China 2024. Geely is one of the most popular Chinese car brands in the Gulf

Chinese carmakers ‘taking Gulf by storm’

Chinese carmakers now claim a sizeable chunk of new car sales in the Gulf and it is likely they will increase their market share further by wooing regional consumers through their vehicles’ innovative designs and perceived value for money. That is the prediction of Amir Khurshid, CEO of Saudi Arabia’s ThinkDirect Automotive Consulting and an […]

UAE’s RedBird IMI acquires UK TV producer for $1.5bn

RedBird IMI, A US investment management company partly owned by Abu Dhabi’s International Media Investments, has acquired All3Media, the UK’s largest independent TV production company behind hits such as Fleabag, The Traitors and Gogglebox. The for £1.15 billion ($1.5 billion) deal is the largest for RedBird IMI to date, the company said in a statement. […]

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]