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Chinese solar company firm invests in Turkey

Chinese solar company firm invests in Turkey

 

 

Following a failed attempt, China Sunergy, the Asian solar panels firm, opens its first facility in Turkey with a local partner, promising to create 1,200 jobs at an Istanbul industrial zone China Sunergy, a specialized solar cell and module manufacturer, yesterday announced that it had set up a new manufacturing facility in Istanbul with its local partner, Seul Energy Investment. Seul is a solar system provider, solar project developer and installer based in Turkey, the Chinese company said in a press release yesterday.  In September, the two companies signed agreements to invest jointly in three newly established companies under the name "CSUN Eurasia" to produce solar cells and modules in Turkey and to invest in downstream solar projects in Turkey and neighboring countries. The company is planning to move additional 200 MW equipment to the Turkey plant from its facilities in Shanghai in the first quarter of 2013 and to gradually ramp up production in the first half of next year, a plan subject to market dynamics and the Turkey plant’s production progress, it said, without elaborating on the volume of the investment. However, China Sunergy expects the new plant to create over 1,200 job opportunities locally in Istanbul. The company expects Turkey to become its second-largest manufacturing base after China. "We are delighted to see our facilities in Turkey established and ready for production. Solar projects in Turkey enjoy higher feed-in tariffs when adopting locally manufactured cells and modules. Therefore, we believe our cooperation with the strong local partner Seul Energy will help us capture substantial market share in the region," said Stephen Cai, CEO of China Sunergy, in the press release. Çağri Seymen, CEO of SEUL Energy said: "Turkey’s energy demand has dramatically increased over the past decade, and we believe with one of the highest solar radiation in Europe, Turkey is poised to become the next new solar energy dynamo in the region."

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