Hanwha Q CELLS Co. Ltd. (NASDAQ: HQCL)-Kalyon Enerji Consortium Awarded the Tender to Construct Region’s Leading 1 GW Solar Power Plant in Turkey


Hanwha Q CELLS Co. Ltd. (“Hanwha Q CELLS”) (NASDAQ: HQCL), a global leading photovoltaic (“PV”) manufacturer of high-performance, high-quality solar modules, recently declared that a consortium consisting of Hanwha Q CELLS and Kalyon Enerji Yatirimlari A.S. (“Kalyon”) have been awarded for the tender to construct 1 GW solar power plant in Turkey, the region’s leading project of kind.

Karapinar Yenilenebilir Enerji Kaynak Alani (“Karapinar YEKA”) project will be located in Karapinar, 250 kilometers south of Ankara, the capital of Republic of Turkey. The project will have 1,000 MW (AC) of installed capacity to generate clean electricity enough to power more than 600,000 households, and it is planned to begin operations within 36 months.

The consortium will also establish 500 MW of fully integrated PV manufacturing capacity locally in Turkey, which will be operational within 21 months under the Agreement.

Hon. Berat Albayrak, Minister of Energy and Natural Resources remarked “We have made an important step in our renewable energy strategy. With this step, we have successfully accomplished a tender that we will facilitate us to develop domestic production of cheaper, better quality electricity powered by best-in-class technology and allow us to export energy to adjacent regions.” He added “We are here talking about the biggest site single land project of 1,000 MW (AC) installed capacity of clean solar power. This scale of investment will deliver an important message to the world about Turkey and Turkey’s energy market.”

“This is a big step towards reducing the external energy dependency on which the Ministry has been focusing over the past year,” said Dr. Murtaza Ata, President of Kalyon’s Energy Group. “With this project, Turkey’s external energy dependency will decrease. This project shall also open opportunity window to extend solar business beyond our borders since Turkey has a noteworthygeographical importance because of its close proximity to the Middle East and North Africa, where solar power potential is quite significant.”

Mr. Seong-Woo Nam, Chairman and CEO of Hanwha Q CELLS said “We are anxious to be a part of this historic milestone energy project in Turkey and the region. We will bring our leading technology and operations expertise to bring environmentally sustainable energy solutions to Turkey and to support the Turkish government’s aim to be energy independent.”



About Maria Martinez 1 Article
Maria Martinez is a financial analyst, value investor and engages in opportunistic research. She identifies misunderstood and undervalued equity investments and holds those securities until their price approximates her estimate of intrinsic value. Specializes in the technology sector (semiconductors) and has a good record of calling out companies as accurately as possible.

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