SEOUL, South Korea,
Dec. 1, 2015 /PRNewswire/ -- Hanwha Q
CELLS Turkey, the Turkish branch of globally leading photovoltaics
provider Hanwha Q CELLS Co., Ltd. ("Hanwha Q CELLS") (NASDAQ:HQCL),
has finished construction and grid connection of an 8.3 MW solar
power plant in Burdur, Turkey. The
system is the first part of a project totaling 18.3 megawatts
("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 Yapi 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. With its 8.3 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 Yapi 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
Yapi Kredi 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 Yapi 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 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. 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."
About Hanwha Q CELLS
In February 2015 Hanwha Q CELLS
Co., Ltd. (NASDAQ:HQCL) emerged as a new global solar power leader
from combining two of the world's
most recognized photovoltaic manufacturers, Hanwha SolarOne and
Hanwha Q CELLS. The combined company is listed on NASDAQ under the
trading symbol of HQCL. It is headquartered in Seoul, South Korea, (Global Executive
Headquarters) and Thalheim, Germany (Technology & Innovation
Headquarters) and is the world's largest solar cell manufacturer as
wells as one of the largest photovoltaic module manufacturers. Due
to its diverse international production setup including facilities
in China, Malaysia and South
Korea, Hanwha Q CELLS is in the unique position to flexibly
address market needs globally, even including certain key markets
with import tariffs, such as the USA and the European Union. Based on its well
respected "Engineered in Germany"
technology, innovation and quality, Hanwha Q CELLS offers the
entire range of outstanding photovoltaic products, applications and
solutions, from modules to kits to systems to large scale solar
power plants. The combined company is also engaged in downstream
development and EPC business. Through its growing global business
network spanning Europe,
North America, Asia, South
America, Africa and the
Middle East the company provides
excellent services and long-term partnership to its customers in
the utility, commercial, government and residential markets. Hanwha
Q CELLS is a flagship company of Hanwha Group, a Top-Ten business
enterprise in South Korea. For
more information, visit:
http://investors.hanwha-qcells.com/.
Yapi Kredi Bank
Yapi Kredi, the fourth largest
private bank in Turkey with TL
247.8 billion of assets (USD 81.4
billion), has been dedicated to deliver since its
establishment in 1944. One of the 10 most valuable brands in
Turkey, Yapi Kredi is a strong franchise with inherent
culture of customer-centric core banking focus, innovative banking
technologies and sustainable value generation. The Bank ranks 4th
in total cash loans with 10.5% market share and 5th in total
deposits with 10.5% market share.
The Bank has clear and unique strategic guidelines aimed at
achieving profitable and sustainable growth together with
increasing customer satisfaction. Yapi Kredi's strategy is based on healthy and
consistent growth focused on core banking activities; strong and
sustainable profitability, disciplined cost control and efficiency
gains as well as superior and long-lasting customer
satisfaction.
Yapi Kredi has a strong
shareholding structure which ensures sustainable and profitable
growth. The Bank's main shareholder is Koc Financial Services (KFS) with 81.8%
ownership. KFS is a 50%-50% joint venture between Koc Group and UniCredit Group. The remaining
18.2% is publicly traded on Borsa Istanbul. In addition, the Global
Depository Receipts that represent the Bank's shares are quoted on
the London Stock Exchange.
Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Hanwha Q CELLS' operations and business outlook,
contain forward-looking statements. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those expressed in or suggested by the
forward-looking statements. Further information regarding these and
other risks is included in Hanwha Q CELLS filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 20-F. Except as required by law, Hanwha Q CELLS does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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SOURCE Hanwha Q CELLS Co., Ltd.