Hanwha Q CELLS Turkey closes financing and grid connects 8.3MW PV power plant in Burdur, Turkey
Hanwha Q CELLS Turkey, the Turkish branch of globally leading photovoltaics provider Hanwha Q CELLS Co., Ltd. has finished construction and grid connection of an 8.3 megawatts (“MW”) solar power plant in Burdur, Turkey. The system is the first part of a project totaling 18.3 MW. The construction of the second part, comprising 10 MW, is expected to start in 2016. Moreover, the company has closed a USD 20.15 Million project financing for the complete 18.3 MW together with Yapı Kredi Bank. In its largest solar project in Turkey so far, Hanwha Q CELLS Turkey has been responsible for module supply, engineering, procurement, construction (EPC), operations & maintenance (O&M) and also is a shareholder of 50% of the power plant with their partner Zen Enerji A.S. holding the other 50%. Thus the globally active PV company again underlines its strong position as an internationally experienced full-service-provider in power plant solutions with a strong financial background.
ONE OF THE LARGEST SOLAR POWER PLANTS IN TURKEY
Hanwha Q CELLS Turkey started construction of the park in Burdur, in south-west Turkey in August 2015 and reached grid connection only two-and-a-half months later, in November 2015. The power plant is comprised of 31,878 polycrystalline solar modules of the type HSL60S and covers an area of around 128,600 m2. With8.3 MW, the power plant is one of the largest in the country so far. It is expected to produce around 13.467 megawatt hours (“MWh”) of clean energy per year, which is to be fed into the grid; enough to power around 2,700 average households in Turkey. Thus the park will save around 2,700 kg of carbon emission in every year of its operation.
PROJECT FINANCING: THE FIRST OF ITS KIND
Project financing for the Burdur solar power plant has been provided by the Yapı Kredi Bank. With a runtime of 12 years and totaling around USD 20.15 Million, it is the first such financing in Turkey. The attractive return on investment (“ROI”) are mainly driven by the Feed-in-Tariff in Turkey, which ensures 13.3 cent / kilowatt hour (“KWh”) over a period of 10 years. Other factors that convinced YapıKredi Bank to engage in the financing were Hanwha Q CELLS´s experience in the development, construction and management of large scale power plants as well as their strong financial background. Ms. Tunaboylu, Vice President at Yapı Kredi Bank said: “It was an easy decision for us to partner with Hanwha Q CELLS Turkey in financing the Burdur project. Combining our know-how in financing with their expertise in solar power plant solutions from start to finish is a win-win situation that pays-off for both of us.”
Mr. Jun Sung Lee, Managing Director of Hanwha Q CELLS Turkey, said: “We are very proud to put into operation our first and at the same time one of the largest solar power plants in Turkey. Moreover, closing the project financing together with our renowned partner Yapı Kredi Bank is a strong sign for both, the great potential of the PV market in Turkey as well as the capability of Hanwha Q CELLS to leverage it as a full service provider. Against the background of our strong EPC and Project Development capacity, Hanwha Q CELLS Turkey is looking forward to realize further projects in the country.”