General Electric makes new investment in Turkey to meet country’s rising renewable energy demand
GEBZE - Reuters
AFP photoGeneral Electric (GE) has made a fresh $20 million investment in its transformer facility in the northwestern district of Gebze in a bid to meet the country’s equipment needs for renewable power plants, which have recently been on the rise.
GE Turkey CEO Canan Özsor said that around half of the new investment will be used to produce small-scaled transformers for wind farms and solar power plants, while the remaining sum will be used to establish a new center to test big-scaled transformers, which will be manufactured for Turkey’s export markets.
The facility will also be turned into a “smart facility,” thanks to the new investment, she added at a press meeting on Sept. 29.
Some 60 percent of the transformer needs of the installed power plants in Turkey are met by GE, said the company’s general manager responsible for the power transformers product group, Hakan Karadoğan.
He added that over 80 percent of the company’s revenue came from exports, while noting that the revenue was expected to rise by $80 million with the new small-scaled transformer production line, which will come online by next year.
GE global network solutions CEO Reinaldo Garcia said the expected rise in global renewable energy played a key role in making the new investment decision.
He noted that around 80 percent of growth was estimated in energy needs of emerging markets, including Turkey, in the next 15 years.
“A majority of this will come from renewable energy infrastructure. We believe that around half of the global energy production will be made from renewable resources by 2040…. Digital transformers which are required by smart networks will be made in this facility,” added Garcia.