Türkiye has seen a record number of applications following a new regulation introduced recently by the country’s energy watchdog for the installation of solar and wind-based storage facilities, a senior official said Tuesday.

Türkiye is still highly dependent on imports to cover its energy needs, which leaves it vulnerable to rising costs that skyrocketed following Russia’s invasion of Ukraine.

To boost its renewable energy production, it launched large-scale projects and began solar and wind power station tenders.

The Energy Market Regulatory Authority (EPDK) has received as many as 909 applications for approximately $110 billion (TL 2.05 trillion) worth of solar and wind-based storage facility investments, its head Mustafa Yılmaz said.

Under the new regulation, investors who commit to installing electricity storage will also be able to apply for a pre-license to build the equivalent installed power of solar and wind.

The 909 applications correspond to 67,349 megawatts of power, from which solar-based storage projects total 334 with a potential for 19,881 megawatts of capacity, while the 575 applications for wind power-based storage projects correspond to 47,468 megawatts of installed capacity.

According to Yılmaz, the high volume of applicants reflects positive investor appetite and potential in the country, with expectations that the potential $110 billion investment volume could turn into approximately $40 billion–$45 billion of investments on the ground.

He explained that the new regulation is not only important in terms of investment volumes but also for employment and the development of domestic and battery technologies in the country while also contributing to Türkiye’s energy security and grid flexibility.

"We carried out this regulation believing in our country's potential and the trust of investors. We already see that the regulation on electricity storage facilities marks a new era in our energy sector," he said.

Türkiye’s current renewable capacity accounts for over half of the country’s total installed power capacity, which stood at 103,276 megawatts as of the end of October.

After a hydropower capacity of around 31,600 megawatts, wind is the second-biggest renewable source of electricity at 11,307 megawatts. Türkiye’s installed solar power reached 9,120 megawatts at the end of October.

Türkiye ranks fifth in Europe and 12th in the world in renewable energy installed capacity and seventh in Europe and 12th in the world in wind energy installed power.

A joint report by the United Nations Development Programme (UNDP) and the International Labour Organization (ILO) in June suggested that Türkiye could reap huge economic benefits in shifting new investments from fossil fuels to renewable energy sources.

The country could increase its gross domestic product (GDP) by as much as $8 billion per year, create more than 300,000 new jobs by 2030 and reduce greenhouse gas emissions by 8% compared to the 2019 level – all by investing in renewable energy rather than continuing to rely on fossil fuels, the report said.

Türkiye could install another 1,000 megawatts in wind energy capacity next year, an addition that could attract $1 billion in fresh investments, according to Turkish Wind Energy Association (TÜREB) head Ibrahim Erden.