Both companies will have a 50% holding in the JV, to be known as Fersar. The JV currently has plans for projects totalling 252MW, with licences and authorisations already in place for projects with a total installed capacity of 52MW. These projects will be based on wind, hydroelectric, biomass, solar photovoltaic and thermoelectric technology.

Turkish firm Saran Energy Group currently owns 85MW of installed hydroelectric capacity in Bursa, Erzurum, Mersim and Tuncelli.