Spanish-German multinational company Nordex Group plans to expand its onshore wind power stake in Türkiye, with additional investments of roughly 1 billion euros (nearly $1.1 billion), the firm's chief executive said Thursday.

Jose Luis Blanco, the CEO of Nordex Group, revealed in an interview with Anadolu Agency (AA) during WindEurope's technical tour in Spain that the company plans to increase its wind energy capacity by 1 gigawatt (GW) next year, adding to the existing installation capacity of 3.5 GW.

Blanco hailed Türkiye as a major player in the wind energy industry thanks to its young population, vast surface area and abundance of onshore investment opportunities.

He emphasized the significance of Türkiye’s enhanced capacity for supply chains and equipment production in the wake of supply constraints from the COVID-19 epidemic.

According to Blanco, by taking the lead in creating supply chains for wind energy, Türkiye will be able to provide an alternate supply network to that of Asia.

Türkiye has already made headway in its local production of wind equipment, supported by a regulatory framework and incentives. More investment options have been made available to investors through renewables legislation. The country has also ensured a young and talented labor force has been included in the mix for domestic wind equipment production.

Additionally, there has been an incremental rise in the country’s installed wind energy capacity, as well as a higher proportion of wind power in the electricity output.

Türkiye’s advantage in the sector is evident through the wind energy projects implemented in recent years, and because it is a well-developed industrial country with a young and educated population, a position that Blanco says is not easy to find.

Its ability to adapt to world trends is also an incentive for investors, he added.

The Nordex Group is a market leader in Türkiye's wind energy sector, where it produces half of the wind power plant towers that Europe needs.

As an important partner for Europe, Türkiye produced wind energy equipment worth 700 million euros last year, the majority of which was exported to Europe.