A one week roadshow organized by the United States Energy Association and the Government of Turkey sparked strong interest in Turkey’s burgeoning power sector among American equipment manufacturers, project developers and financiers.
With stops in New York, Houston and San Francisco the roadshow was tailored to accentuate opportunities for U.S. companies created by Turkey’s projected eight percent annual increase in electric power demand.
The Roadshow featured participation of senior officials in the Turkish Ministry of Energy and Natural Resources; Investment Support and Promotion Agency; Ministry of Privatization and the Energy Market Regulatory Authority, who discussed Turkey’s strategic goals for the energy sector: 1) strengthening national energy security by increasing domestic electricity production; 2) reducing reliance on imported natural gas and coal; 3) privatizing state owned electric and gas distribution and generation companies; and 4) reorganizing its natural gas market.
Turkey plans to invest over $20 billion in renewable energy production, including 10,000 MW of wind power and 300 MW of geothermal capacity, over the next 5 years. The government has instituted incentives to attract investors, including feed-in tariffs and 10 year guaranteed power purchase agreements. It also plans to construct its first nuclear power plant to further reduce its reliance on imported natural gas.
The Roadshow featured briefings by each agency followed by pre-scheduled one-on-one meetings for U.S. companies with the delegates. In New York City the briefing conducted at the law offices of Chadbourne & Parke attracted an audience of nearly 100 investment bankers, venture capitalists and energy analysts. The Houston briefing, attended by nearly 50 companies, was conducted as part of the World Energy Council (WEC) Houston Business Forum program agenda organized by USEA. A third Business Briefing in San Francisco targeted the renewable energy and IT sectors.
Among the companies participating in the Roadshow were: AES; Babcock and Wilcox, Baker Hughes, CH2M Hill; Citigroup; GE Energy; Goldman Sachs; Google; International Finance Corporation; New York Life; Morgan Stanley; Ormat; OSI Soft; Overseas Private Investment Corporation; Shaw Group; UBS; University of Texas; and Westinghouse.
Cosponsors of the Roadshow included: Chadbourne & Parke; Mintz Levin, Cohn Ferris, Glovsky & Popeo, PC; Wendel, Rosen, Black & Dean LLP; U.S. Export Assistance Centers in Bakersfield, Houston, Los Angeles, New York, Oakland, San Francisco, and San Jose.
The United States Energy Association is the U.S. member committee of the World Energy Council (WEC). USEA is an association of public and private energy-related organizations, corporations, and government agencies. USEA represents the broad interests of the U.S. energy sector by increasing the understanding of energy issues, both domestically and internationally.