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French giant TotalEnergies buys 50% stake in Turkey’s Rönesans Enerji

French oil and gas company TotalEnergies and one of Turkey’s top conglomerates Rönesans Holding announced on Friday a major partnership aimed at expanding renewable power generation capacity in the country.

TotalEnergies will take a 50% stake in the holding’s subsidiary Rönesans Enerji and the partners plan to build 1,000 megawatts (MW) of wind and solar farms in three years, Rönesans Holding Chairman Erman Ilıcak told the signing ceremony in Istanbul.

The size of the transaction was not disclosed, but Ilıcak said the collaboration marked one of the largest joint ventures ever established in the renewable sector in Turkey.

“TotalEnergies’ decision to choose Türkiye as one of its main countries for renewable energy growth and partnering with Rönesans is not only valuable for us but also for our industry and our country,” Ilıcak said.

A small-scale producer, Rönesans Enerji currently operates six hydroelectric plants with a total installed capacity of 166 megawatts (MW). The company also has licenses to build wind farms awarded by the Turkish government.

In a statement, the company said it aims to become one of the top three green energy companies in the sector, pioneering Turkey’s green transformation.

“Through this partnership, we will closely monitor new technologies and vertical integration investment opportunities related to green energy transformation,” Ilıcak said.

Türkiye plans to award up to 3,000 MW of wind and solar plant licenses each year to meet its emissions goals.

Addressing the ceremony, Energy and Natural Resources Minister Alparslan Bayraktar said the agreement and investment goal are indicators of confidence in Turkey’s economy and its energy sector.

“We consider the formed here today as the first step toward our mutual collaboration goals. I believe that the target of reaching 1,000 MW capacity should be updated to 5,000 MW in the shortest possible time,” Bayraktar said.

The minister stressed Turkiye would initiate a new investment and reform drive aligning with its climate change goals, while ensuring a reliable and affordable energy supply.

“In this context, we have three main objectives: Meeting Turkey’s increasing energy demand, ensuring efficient allocation of resources and diversifying energy sources,” Bayraktar said.

“Renewable energy contributes to energy security against increasing demand, makes prices more competitive and reduces our external dependency.”

Approximately 55% of Türkiye’s installed capacity today is composed of renewable energy sources. “In this regard, we rank 12th in the world and fifth in Europe,” the minister noted.

The goal of the Türkiye National Energy Plan, announced last February, is to increase the share of renewable energy within the installed capacity to 65% by 2035, he added.

“To achieve this, we aim to put into operation and contribute to our economy, each year for the next 12 years, 3,000 MW of solar energy, 1,500 MW of wind energy, and a total of 5,000 MW of offshore wind energy,” Bayraktar said.

“As we accelerate investments in renewable energy, we are taking a comprehensive approach by addressing everything from critical minerals to equipment production, from research and development to fostering human resources within a wide ecosystem.”

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