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The Turkish government launched a new incentive program, which has taken effect on November 19, 2015, for certain investments. These are investments in the manufacturing of (i) turbines and generators used in renewable energy projects (covering hydro, wind, biomass and geothermal power), and (ii) blades used in wind energy projects (“Eligible Investment Projects”).
In order to be eligible for the incentive program, the minimum capital expenditure of the investment must be 500,000 Turkish Liras (approximately US$170,000 as of December 15, 2015) and the non-tangible component (trademark, licenses, know-how etc.) must not exceed 50% of total capital expenditure. Investors are also required to apply to the Ministry of Economy to obtain a certificate of incentive in order to be eligible for the below-listed incentives.
Eligible Investment Projects will benefit from:
Investments in certain regions of Turkey are eligible for additional support under this program. Such projects benefit from 90% corporate tax discount, capped at 35% of aggregate capital expenditure; interest rate support in the amount of 7% for Turkish Lira denominated loans; and support on social security premium payments for seven years.
These incentives are in addition to the existing incentives granted to renewable energy generation facilities, such as feed-in tariffs applicable to all renewable energy projects and local production premium over feed-in tariffs for projects that use locally manufactured components.
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