Today’s Zaman - Renewable Energy Systems Holdings Limited (RES), one of the world's leading renewable energy companies, announced on Friday that it has concluded the acquisition of a portfolio of wind power projects in the Turkish market.
In a written statement released by the company, RES stated that this acquisition, representing a capacity of nearly 500 MW, is the first important step for RES's entry into the Turkish market, which has a large, mostly untapped potential for wind power generation. According to the statement, the projects will be realized over a period of three to four years following the acquisition of generating licenses, which is expected to be completed within the next few months. The projects will involve EUR 750 million of investment.
"We have been actively reviewing our expansion in the Mediterranean markets and have identified the Turkish market as one of the major growth areas for our business," Jean-Marc Armitano, CEO of RES Mediterranean, is reported as saying in the statement. Expressing his approval of the acquisition, Alpaslan Korkmaz, President of the Investment Support and Promotion Agency of Turkey (ISPAT), said the acquisition is fully in line with Turkey’s target of liberalization in the energy market.