Türkiye has completed the first pre-licensing process after receiving record applications for the installation of solar and wind-based electricity storage facilities, the energy watchdog’s head said Saturday.

A total of 12 pre-licenses with a capacity of 744 megawatts (MW) have been granted for the installation of solar and wind-based electricity storage facilities, which foresees an initial investment of $1.5 billion (TL 28.87 billion) in the sector, said Mustafa Yılmaz, the head of Türkiye's Energy Market Regulatory Authority (EPDK).

The high volume of applications reflects positive investor appetite and potential in the country, Yılmaz told Anadolu Agency (AA).

"The total applications made have reached 4,369," he said and added that the installed power capacity for the sum total of these applications corresponds to approximately 221,000 MW.

He stated that the power generated by wind energy-based storage electricity is 113,500 MW, while it is 107,500 MW for the solar energy version.

According to Yılmaz, the high volume of applications may push the final investment figure up to between $40 billion-$45 billion on the ground.

"We said that our electricity storage regulation is a groundbreaking development in the renewable energy sector. The investment demand of $270 billion for electricity storage in the renewables sector has confirmed the accuracy of this prediction," he explained.

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

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

Türkiye's current renewable capacity accounts for over half of the country's total installed power capacity, which stood at 104,488 MW by April 7.

After a hydropower capacity of around 31,600 MW, wind is the second-biggest renewable source of electricity at 11,490 MW. Türkiye's solar power installations reached 9,820 MW in the same period.

Moreover, at least 1,000 MW of wind and solar energy capacity each is expected to be added to the country’s renewable portfolio in 2023.

Renewables accounted for more than 95% of new capacity increases in the country in 2021. The country achieved a record-high annual increase in wind energy in 2021 with the addition of approximately 1,750 MW, up from the previous all-time high of 1,248 MW added in 2016.

Türkiye is forecast to see around 64% growth in its renewable energy capacity to 90 gigawatts (GW) in the next five years, according to the International Energy Agency (IEA), with almost 75% of this addition being solar and wind.

The growth will help it rank fourth in Europe and among the 10 biggest renewable markets in the world.

Türkiye ranks fifth in Europe and 12th in the world in renewable energy installed capacity, and seventh in Europe and 12th in the world when it comes to wind energy installed power.