Turkish companies hungry for Danish renewable energy - The Post

Turkish companies hungry for Danish renewable energy

Vestas among the companies capitalising

Vestas’ Turkish delight (photo: Davagh)
October 30th, 2015 5:07 pm| by Shifa Rahaman

Huge Turkish conglomerates, on the hunt for renewable sources of energy to drive growth, are increasingly looking to Denmark to fulfil their needs.

Turkey has, in a short while, become the fourth largest market for wind turbine producer Vestas, while EKF, the Danish Export Credit Agency, is reporting that Turkey is now the largest foreign account on their books.

An interesting market
“Turkey is an extremely interesting market for wind energy, and revenues are flowing into Denmark – up to 5 billion kroner,” Morten Sørensen, a director at EKF, told Børsen.

“With the Turkish government set to increase its wind energy capacity, there is still much more to come.”

Michael Zarin, the chief information officer at Vestas, is also impressed by the potential in Turkey.

“Turkey is increasingly becoming an important market for Vestas,” he told Børsen. “We are confident that there is potential for investment in the long-term.”

Defying a flailing economy
Danish wind energy has been one of the few sectors to avoid Turkey’s recent economic downturn, and the companies are positive it will continue that way.

“So far, we have not had trouble getting our payments,” assessed Sørensen.