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Turkish green energy firm invests in Germany due to difficulty in Turkey

BERLIN/ ISTANBUL - Anatolia News Agency | 11/14/2010 12:00:00 AM |

Energy company Senas Group has decided to invest 2 million euros in a solar energy project in Germany due the frustrating regulations in Turkey.

Turkish energy company Senas Group, which is also active in the construction and civil aviation sectors, decided to invest 2 million euros in a solar energy project with Berlin Cottbus in Germany due the frustrating renewable energy regulations in Turkey, according to the Senas chairman.

In a joint venture in Germany with Godd Energy under the name of Sungast, the group has started its 500 kilowatt-hour solar energy power plant with an agreement in place for the German government to buy the electricity for 20 years.

Speaking at a press conference to introduce the group's German investment, Senas Group Chairman Fahrettin Tanınmış said it was important to diversify resources in the energy sector. "Turkey's energy power is almost 60 percent natural gas dependent and this is a great risk because you never know how much you will have to pay for the natural gas you import in future.” He added that Turkey has enough resources to fully meet its domestic demand.

"Today in Turkey 74 percent of the energy we use is imported. When we launch nuclear power plants in the near future this rate will automatically rise to 86 percent. However, we are perfectly capable of meeting our energy demand with our own means. We applied for wind energy licensing in November 2007. But nothing happened so far. Turkey is the third country with biggest potential in wind energy, but we are wasting that potential.”

Tanınmış said they were one of the first companies in Turkey investing in renewable energies and the idea to invest in Berlin Cottbust was inspired during his visit to a global energy fair. “In Germany we have the status of foreign investor. A foreign investor expects to find a very well-organized infrastructure in the country he is going to invest in and Germany is the best regulated country in renewable energy.”

He said although they still dream of investing in Turkey, they would never give up on their German investments.

“We all know that Turkey has 1.5 times more solar potential than Germany. But the time between us starting the company and us starting to distribute energy is two months and 10 days in Germany, whereas we have been waiting for a wind power license in Turley since 2007,” he said, adding that the infrastructure in Germany is perfect and investors do not experience any problems. 

Tanınmış also said so far they made all their investments with their own equity capital, but they were thinking of using bank loans for their next investments, “because we learned that banks were providing very convenient loans for foreign investors in Germany.”

Godd Energy, Senas Group’s partner in Germany, Chairman Dursun Yiğit in the meantime said Germany had covered a long distance in renewable energy and became a leading country in the market.

He also said after the solar investment with Senas Group, they are planning to invest together again in energy generation from canola oil.

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