Turkey Wind Farm Development

Sinovel Lands $1 Billion Wind Power Deal

Written by Green Chip Stocks
Posted April 11, 2012 at 5:21PM

Like many nations nowadays, Turkey has set goals for clean energy and a reduction of carbon emissions.

By 2023, the nation is aiming to get 30% of its energy from renewable sources.  In addition to lowering its environmental impact, Turkey wants to reduce its dependence on other nations for energy.

And so Istanbul’s Agaoglu Group, a construction, tourism, and energy company, is working with China’s Sinovel Wind Group Co. to build a 600-megawatt wind farm.

The farm will be worth $1 billion and Sinovel will supply, among other things, the turbines and generators.

Terms of the deal have not yet been released.

Chinese companies like Sinovel are expanding abroad for business, as competition within China is stiff.  Just last year Sinovel signed an agreement with Public Power Corp., a Greek company.

Other wind companies have moved overseas.  Xinjiang Goldwind Science and Technology Co. has projects lined up in Montana and Chile.

And as for Turkey, Agaoglu chairman Ali Agaoglu believes that the nation must move forward in clean energy investments at a faster pace in order to reach the 2023 goal of 30%.

At the end of last year, Turkey had a total of 1,799 megawatts in wind energy.

Agaoglu wants 1,000 megawatts of power in the next three years, and in March the company was dealing with eight investors for a total of 147 megawatts of wind.

Agaoglu has licenses for 700 megawatts of wind power that it hopes to set into motion soon.