Under the terms of the deal, ReneSola and UCK Group will develop a pipeline of solar power projects. The unlicensed projects considered for the development will qualify for a fee-in tariff (FiT) of $134/Mwh.
UCK Group’s Berak Enerji will be responsible for the construction of the solar power plants while ReneSola will design the plants.
ReneSola will also supply high-efficiency solar modules and inverters as part of the deal.
Upon commissioning, the projects will be transferred to a 50-50 joint venture which will be formed between Renesola and UCK Group.
The joint venture aims to have 70MW of the installed power generation capacity by early 2017.
ReneSola CEO Xianshou Li and UCK Group CEO Atilla Uckardes said in a joint statement: "This partnership enables both companies to gain traction on the attractive Turkish PV market, while also demonstrating our technology leadership and strong competitive advantages.
"We look forward to further supporting solar deployment in Turkey with our cost-effective, high quality products."
Turkey aims to generate 30% of its total power from renewable sources by 2023.
The county plans to generate 120GW of renewable power, including 5,000MW of solar energy, with an estimated investment of around $110bn in order to reach the target.
Image: Turkey intends to generate 30% of its total power from renewable sources by 2023. Photo: courtesy of franky242/ FreeDigitalPhotos.net.
