As it relies more on local resources to generate electricity, Turkey’s government expands incentives that cover renewable energy investments, the country’s Investment Support and Promotion Agency said on its website.
According to a recent legislative amendment, the manufacturing of equipment such as turbines, generators and wind blades will be considered priority investments and will be eligible for value-added tax and customs duty exemptions, tax reductions, interest rate support, land allocation and social security premium support, the statement said.
Turkey’s multi-layer incentive scheme supports investments by type, scale and region, according to the posting on Invest in Turkey website. “The scheme divides Turkey into six regions and investment projects located in higher-numbered regions benefit the most from the incentives. Projects related to the manufacturing of equipment to be used in harnessing renewable sources are designated region 5. The total investments required to fulfill Turkey’s forecast energy demand in 2023 of 440 TWh is estimated at USD 130 billion,” (EUR 118 billion), the agency noted. Nearly one third of the country’s installed power will be generated from renewable energy sources by then, according to the statement.