GE plans $900 million Turkish investment

TURKEY: GE has announced plans to invest $900 million in Turkey next year in the fields of wind energy and LED technologies.

GE CEO Jeffrey Immelt
GE CEO Jeffrey Immelt

The move was confirmed by the company's CEO Jeffrey Immelt ahead of a meeting with the Turkish energy minister Taner Yildiz last week in Ankara, Turkey's capital.

According to local press, the two men discussed the potential projects, however Immelt said GE's plans regarding the company's $900 million solid investment commitment will be announced.

Yildiz commented that GE could play a vital role in Turkey's efforts to build sustainable growth through energy projects.

Turkey's current wind power installations of 2600MW, Yildiz said, provides the country with 5.8 billion kWh of electricity annually.

Turkey's installed wind capacity must rise nearly tenfold if the country is to meet its official goal of 20GW of wind capacity by 2023.

GE is already present in the country, have set up Gama Enerji, a joint venture with Gama Holding. In August it completed the financing required for its 35MW 13-turbine Gok ll wind project near Izmir in Turkey.

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