Around US$10 million loan agreement reached between TT Group and Vakifbank for the construction of the 7.5 MW Cilehane hydro plant in central Turkey province of Tokat announced on Monday by the company.
The Cilehane hydro plant construction is planned to be completed by August of 2015. Once operational 7.5 MW production capacity plant will generate 20 gigawatt hours of electricity each year.
More than half of the additional renewable energy capacity came from hydro power plants through a $4 billion investment resulting in the addition of 1,165 megawatts of hydro power to the country's total renewable capacity in 3 quarters of 2014.
Turkey is second in the world after China in terms of rising electricity demand. Turkey's demand almost doubled in the past decade and is expected to double again by 2023. In order to match the rate of increase, it aims to invest more than $120 billion in the energy sector.
Turkey has more than 68,000 megawatts of total installed capacity in electricity and aims to reach 100,000 megawatt levels by 2023. Renewables' share in electricity production is targeted to rise to 30 percent by 2023, according to Energy Ministry’s strategic plan.
TT Group, focuses on energy investments particularly power generation and construction of hydro, wind and natural gas plants.
By Gulsen Cagatay
Anadolu Agency
gulsen.cagatay@aa.com.tr