Commitment to renewable energy has been surging over the past few years as investments in the field increase with the technology retail industry spearheading the drive.

Companies, including prominent names such as Apple and Amazon, have been embracing the renewable sources of energy in a push to green up operations and limit their impact on the environment.

Apple has been the U.S. corporate leader with nearly 400 megawatts (MW) of installed solar capacity, followed by other giants such as Amazon and Walmart, according to a report by the Solar Energy Industrial Association (SEIA).

As for Turkey, investments have ramped up parallel to the increase in the use of solar energy.

Smart Solar Technologies has been among the rising players in the industry, defining itself as one of Europe’s leading integrated solar energy companies.

It operates in turnkey installation services and PV module production and offers a wide range of solar energy solutions to commercial and retail users.

The Istanbul-based company managed to close 2021 with a turnover of around $95 million (TL 14.05 billion). Adding pace to its ambitions to become a major player on a global level, it is now a stock market candidate as it plans to go public on the Borsa Istanbul Stock Exchange (BIST) soon.

The company has received a green light for its initial public offering (IPO) by the Capital Markets Board (SPK) and its building was due to open on Friday.

Cell technology investment

Smart Solar Technologies plans to add to its research and development (R&D) investments, as well as to back technology startups, according to its co-founder and CEO, Halil Demirdağ.

Demirdağ says the company would allocate one-third of the resources it expects to gain from the IPO for an investment in the Aliağa district of the Aegean province of Izmir, where it plans to set up a solar cell production plant.

Expressing that they will increase their investments with cell technology, which is the building block of solar panels, Demirdağ said: "Behind our story of going public lies the idea of branding, institutionalization and ‘becoming a global player.’ We aim to grow faster and increase profitability."

Major potential

Demirdağ went on to explain the company’s goal of reaching a billion-dollar annual turnover in the coming 10 years, stressing the high potential of solar cell investment for Turkey.

"Turkey can be a serious player in the field of cells in the world. Our country has the potential to become a strong player in solar energy with its subindustry through a push similar to that of the automotive sector," he noted.

Investments show promise for the future of the industry, Demirdağ said. "Turkey is not in the top five in solar energy in the world, but this is exactly what Turkey will do," he noted.

"Because the Turkish contracting sector is undertaking major projects in the world, solar energy investments can also serve as a continuation of this."

100,000 employees

The solar energy industry provides jobs to around 100,000 people in Turkey, said Demirdağ, who is also the head of the Turkish Solar Energy Industry Association (GENSED). He also pointed out that there is an estimated $3 billion being generated per year in the solar economy.

Smart Solar Technologies runs its production by using the latest technology, the CEO said.

"We install double-sided solar panels. Thanks to this, we can obtain solar energy even from reflections from white snow or white pebbles laid on a surface," he said.

Demirdağ stated that they started their business in Sarıoğlan, a small town in the central Turkish province of Kayseri, which is very competitive and is called the "northernmost region in the sun."

"There was a loan from the European Bank for Reconstruction and Development (EBRD). We completed an installation in cooperation with China-based Sumec. By 2015, Turkey put forth regulations paving the way before domestic production in solar energy and imports were halted. So, we decided to grow and with a total $30 million investment, $12 million of which was made in the first stage, we established facilities in Gebze, where our production is currently underway."

Solar efficiency

Demirdağ went on to emphasize Turkey’s efficiency when it comes to solar power, which he claimed is higher than even that of Germany, a major investor in renewable energy.

"Believe me, even the Black Sea province of Rize, one of the regions seen as the weakest in solar energy, is better off than Germany. The best regions of our country are 2 1/2 times more efficient than Germany," he suggested.

"There is a production potential of 5,000 MW in Turkey, of which 1,300 MW-1,500 MW is only produced. The growth of the sector will accelerate with the new regulations being implemented and the decisions that will be made."

Tech, retail sectors adopt solar power

It is no wonder that big corporations are showing a growing interest in owning and installing their own solar and renewable energy projects.

Technology and retail giants have been reaffirming this and expressed their commitments through their regular statements to the public.

Apple is the leading procurer of corporate solar in the United States with nearly 400 MW of total installed capacity, followed by Amazon with almost 370 MW and Walmart with over 331 MW, according to the 2019 report of SEIA.

Apple is investing in solar energy in Apple Park, offices and data centers, which it opened at a cost of $5 billion.

Installed capacity (MW)

1. Apple – 398.3

2. Amazon – 369

3. Walmart – 331

4. Target – 284.8

5. Google – 245.3

Source: Solar Energy Industrial Association (SEIA)