Hive Energy to Seek $4 Billion Funds for Solar and Battery Projects
The firm will negotiate with financial institutions for FDI in Turkey
The United Kingdom-based renewables company Hive Energy said it will seek direct investment of $4 billion for over 4 GW of proposed co-located solar and battery storage projects across 30 sites in Turkey.
The capacities of the projects are likely to range from 11 MW to 230 MW, and their applications would be focussed on 19 cities. The average energy yield for solar projects is over 2,000 kWh for every unit of energy.
The company is currently awaiting the pre-license for the grid capacities which is likely to be granted by the first quarter of 2023. Once the approvals are given, Hive will negotiate with international funds and financial institutions to attract foreign direct investment to Turkey.
The Turkish National Energy Plan 2022, published by the Ministry of Energy and Natural Resources estimates that the installed capacity of solar will peak at 52.9 GW by 2035.
Hive has operated in Turkey since 2015 and successfully commissioned 10.5 MW solar power projects in the country. The plant generates 18 million kWh of electricity every year.
The company has also completed or sold 45 solar projects across the UK, Spain, and Cuba. Additionally, it is developing a renewable energy pipeline totaling 26 GW in capacity across 20 countries, comprising solar, battery, wind, green hydrogen, and green ammonia projects.
General Manager, Hive Energy, Turkey Tolga Metin said, “We have already started negotiations with some funding and financial institutions. This is a fantastic growth of our portfolio in Türkiye. The capacity of current applications corresponds to 350 times more than our current installed capacity in the country. The UK is home to various proficient funding agencies, and as Hive Energy has ties to these funding institutions for years, we hope to quickly find suitable partners for the funding of these projects.”
In November last year, Germany-based independent power producer Encavis acquired a 55 MW ready-to-build solar project in Spain from Hive Energy.
In December 2022, a China-headquartered solar module maker TaleSun Solar inked a framework agreement with MEM Group to jointly build a module production line with an annual capacity of 1 GW in Turkey.