Hanwha Q CELLS Turkey, the Turkish branch of Hanwha Q CELLS, has connected an 8.3MW solar PV plant in Burdur, Turkey to the power grid. The plant is the first part of an 18.3MW solar PV project which Hanwha Q CELLS has already closed a US$20.15 million project financing with Yapi Kredi Bank.
Together with its partner Zen Enerji A.S., Hanwha Q CELLS Turkey provided EPC and O&M services for the solar power plant. It also supplied 31,878 multi-si HSL60S PV modules for the project starting from August 2015, when the construction began. With the 8.3MW capacity, the solar power plant is one of the largest in the country so far. It is expected to generate approximately 13,764MWh of solar power annually, which is enough for powering 2,700 average Turkish homes.
The project financing for the whole 18.3MW Burdur solar project was provided by Tapi Kredi Bank within a 12-year runtime. The project financing worthy of US$20.15 million is the first-of-its-kind in Turkey. Such case also underlines Hanwha Q CELLS’ recognized position as an internationally experienced full-service-provider in power plant solutions with a strong financial background.
"We are very proud to put into operation our first and at the same time one of the largest solar power plants in Turkey,” said Mr. Jun Sung Lee, Managing Director of Hanwha Q CELLS Turkey. “Moreover, closing the project financing together with our renowned partner Yapi 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."
The 18.3MW project is expected to be completed in 2016, and the return on investment is mainly driven by Turkey’s feed-in tariff policy which ensures $13.3 cent/kWh over a 10 year period.
Hanwha Q CELLS holds 50% of shares of the power plant, while its partner Zen Enerji A.S. holds the other 50%.