The CEO of Turkish conglomerate Kalyon Holding said Thursday they are considering making renewable energy investments exceeding $10 billion (TL 290.15 billion) within the next five years through a strategic agreement with International Energy Holding (IEH), a subsidiary of International Holding Co (IHC) which holds 50% stake at Kalyon Energy.
Recalling that they signed a strategic cooperation with the IEH in August 2022, a subsidiary of the IHC, which is the fastest growing in the United Arab Emirates (UAE) and one of the largest investment companies in the world, Kalyon Holding CEO Mustafa Koçar said, "On this occasion, International Energy Holding became a partner of 50% of Kalyon Energy, which is 100% affiliated with our holding."
"With this strategic agreement, we are considering an investment in the renewable energy (sector) exceeding $10 billion in the next five years," Koçar said.
Kalyon Holding is engaged in the construction, energy and aviation industries and has large solar and wind energy concessions in Türkiye.
"Furthermore, the total value of the investments that Kalyon PV has decided on and started working on in 2024 is $100 million," Koçar informed.
Speaking to Anadolu Agency (AA), Koçar highlighted that geopolitical tensions and prolonged wars, such as the Russia-Ukraine war, could affect energy supply security, impacting international politics, production, trade and logistics.
He stressed the importance of strategic planning and risk management for energy companies and decision-makers.
Predicting that the Russia-Ukraine war would carry on in the next year, Kaçar emphasized that the conflict might continue to affect energy prices by increasing uncertainties, especially in natural gas and oil supply chains.
"These developments, particularly attacks by Israel on Gaza and potential political consequences, are concerning due to their potential impacts on regional instability and energy routes," he further said.
"The Middle East's critical role in energy production and transportation capacity means that these conflicts could cause fluctuations in energy markets."
Regarding the economic impact of these developments, Koçar noted: "The effects of the climate crisis in the coming period, apart from political developments, will be felt not only environmentally but also economically."
He mentioned that climate-related changes could alter energy consumption values and requirements due to forced migrations, mentioning this could present an opportunity for the renewable sector.
"This situation may create an opportunity for the renewable energy sector to accelerate the transition to low-carbon energy sources," he said.
"Renewable energy will emerge as an effective tool in the fight against climate change and will also play an active role in increasing energy security."
In terms of energy investments in 2023, Koçar highlighted Kalyon PV's commitment to increasing investments in renewable energy.
"We increased our investments in Kalyon PV by placing our responsibility to leave a more livable world to future generations at the center of our activities. Kalyon PV, Kalyon Holding's first investment in the field of solar energy, the world's first and only integrated solar panel factory with its research and design (R&D) center and four different factories, spent 2023 very productively with both the increase in production capacity and the R&D studies it carried out," he explained.
He mentioned the successful commissioning of the Phase-3 investment in early 2023, boosting Kalyon PV's total capacity to 2 gigawatts (GW).
Additionally, he recalled the opening of the Kalyon Karapınar Solar Power Plant (SPP) in March with 100% production capacity, saying: "Again, we are counting the days until the opening of our solar power plants in Bor, Viranşehir and Gaziantep."
Moreover, he underscored Kalyon Holding's dedication to contributing to the Turkish government's policies for advancing renewable energy, pledging to continue to lead the country's transition to solar and wind energy with Kalyon Enerji and Kalyon PV.
He also mentioned Kalyon PV's aim to achieve 500 megawatts of exports by 2025 after completing a technological transformation in 2024.