UK solar co Hive Energy opens office in Turkey

British solar developer Hive Energy said Monday it has opened regional headquarters in Ankara, Turkey, with chief executive Giles Redpath calling the country "the next exciting opportunity for solar in Europe."

The move is part of the company's efforts to build an international presence. In September, it announced the opening of regional headquarters in the Middle East.

Hive Energy targets building a portfolio of 50 MW of solar projects in Turkey.

The company said that although the country has had limited solar development so far with just 170 MW of capacity commissioned, it had one of the best geographical and political conditions for solar generation in Europe and its electricity demand was expected to increase. Hive Energy noted that Turkey's government has recently announced a target of at least 3 GW of solar by 2023 and has raised the capacity of unlicensed solar projects to 1 MW from 500 kW with a fixed 10-year power purchase agreement (PPA) of USD 0.133 (EUR 0.121) per kWh, which was now more economically viable to developers thanks to the falling cost of solar panels.

(USD 1.0 = EUR 0.906)

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