Two Turkish energy companies signed an agreement for the development and construction of a solar power plant in Italy, Anadolu Agency reported today.
Turkish companies Naturel Enerji and KURTEKS Tekstil Enerji announced that they will be working with Italy to develop and construct a 50-megawatt solar power plant.
It is stated that the total value of the contract is €45 million ($50.4 million), excluding VAT, with Naturel Enerji providing project funding.
According to the companies' statement, the project is considered one of the biggest in Italy and Europe and is unique for Turkish Investors and EPC contractors in terms of its size, characteristics, location and context.
Turkey plans to invest $110 billion in the energy sector by 2023, including $46 billion in new solar, wind and hydroelectric power plants, creating an opportunity for Italian businesses, the Ministry of Energy said.
Turkey's renewable energy capacity is expected to increase by 50 per cent by 2024, according to the International Energy Agency's (IEA) Renewables'2019 report.
The surge in capacity will place Turkey among Europe's top five and 11th worldwide in terms of renewable capacity, the report added.