China-based PV manufacturer ReneSola has formed partnership with a Turkish solar energy solution provider UCK Group. The two companies will work together to develop a number of PV projects in Turkey totaling 116 MW.
As ReneSola announced today, UCK Group's Berak Enerji will develop and construct the solar power plants, while ReneSola will design the plants and supply its high-efficiency solar modules and inverters. The company says that all the projects in the 116 MW pipeline are unlicensed thus qualifying for the feed-in-tariff of $134/MWh.
Under the terms of the partnership agreement, the newly constructed solar plants will be owned by a new joint venture in which ReneSola and UCK Group will each hold 50%.
This partnership enables both companies to gain traction on the attractive Turkish PV market, while also demonstrating our technology leadership and strong competitive advantages, ReneSola's Chief Executive Officer Xianshou Li said in the announcement.
According to ReneSola, the joint venture is expected to own 70 MW of operating projects by early 2017.
In March, ReneSola reveled its 2015 financial results demonstrating significant growth of its downstream business segment. The companys downstream sales reached 72.8 MW last year. At the same time, ReneSolas latest supply agreements prove that the company can still maintain its position among the leading PV manufacturers.
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