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First Solar (FLSR) Wins Deal for 160MW Modules from Turkey
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First Solar Inc. (FSLR - Free Report) has won contracts to supply 160 megawatts (“MW”) of photovoltaic (“PV”) modules for two projects in Turkey. Two Turkish energy companies − Basariarge Enerji A.S. and Zorlu Enerji, a subsidiary of Zorlu Holding – have awarded the contract in the first half of the year.
Details of the Projects
The contract includes 100 MW of high-performance Series 4 thin-film modules for Zorlu Enerji’s Turkey-based projects, which are expected to be finished in 2017.
The remaining 60 MW will comprise modules for Basariarge Enerji − a joint venture between Basari Yatirimlar, a Turkish infrastructure company, and the Basari Group – to utilize in its projects. The modules will also be employed in PV power plants, for which Basariarge Enerji will provide engineering, procurement and construction (EPC) services.
Delivery of the first modules is scheduled later this year. However, the company did not disclose the value of the two contracts.
According to Georges Antoun, First Solar’s Chief Commercial Officer, these contracts prove that solar energy, incorporated with First Solar’s technology, is the best solution for the present energy security challenges in Turkey as the company can deliver cost-competitive electricity to meet the immediate requirement.
Antoun added that First Solar has made considerable progress in the country and is looking forward to future growth in the region on the back of its solid track record over the past two years.
Since Apr 2014, when First Solar opened an office in Istanbul, the company has received contracts totaling 300 MW in the country. In fact, it was one of the first operators in the industry to recognize the massive potential of the Turkish market.
So far, 2016 has witnessed a major surge in investment in the Turkish PV sector, along with a growing number of solar companies trying to enter into and establish their presence in the country.
More about First Solar
First Solar has been able to develop economically sustainable businesses as it gained expertise in PV generation solutions as well as in other areas of the solar-value chain, such as project development, EPC capabilities and O&M services. First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the market.
However, the company faces intense competition from other players in the same space that include SolarCity Corporation , Canadian Solar Inc. (CSIQ - Free Report) and JA Solar Holdings Co., Ltd. .
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First Solar (FLSR) Wins Deal for 160MW Modules from Turkey
First Solar Inc. (FSLR - Free Report) has won contracts to supply 160 megawatts (“MW”) of photovoltaic (“PV”) modules for two projects in Turkey. Two Turkish energy companies − Basariarge Enerji A.S. and Zorlu Enerji, a subsidiary of Zorlu Holding – have awarded the contract in the first half of the year.
Details of the Projects
The contract includes 100 MW of high-performance Series 4 thin-film modules for Zorlu Enerji’s Turkey-based projects, which are expected to be finished in 2017.
The remaining 60 MW will comprise modules for Basariarge Enerji − a joint venture between Basari Yatirimlar, a Turkish infrastructure company, and the Basari Group – to utilize in its projects. The modules will also be employed in PV power plants, for which Basariarge Enerji will provide engineering, procurement and construction (EPC) services.
Delivery of the first modules is scheduled later this year. However, the company did not disclose the value of the two contracts.
FIRST SOLAR INC Price
FIRST SOLAR INC Price | FIRST SOLAR INC Quote
Efforts on Expanding in Turkey
According to Georges Antoun, First Solar’s Chief Commercial Officer, these contracts prove that solar energy, incorporated with First Solar’s technology, is the best solution for the present energy security challenges in Turkey as the company can deliver cost-competitive electricity to meet the immediate requirement.
Antoun added that First Solar has made considerable progress in the country and is looking forward to future growth in the region on the back of its solid track record over the past two years.
Since Apr 2014, when First Solar opened an office in Istanbul, the company has received contracts totaling 300 MW in the country. In fact, it was one of the first operators in the industry to recognize the massive potential of the Turkish market.
So far, 2016 has witnessed a major surge in investment in the Turkish PV sector, along with a growing number of solar companies trying to enter into and establish their presence in the country.
More about First Solar
First Solar has been able to develop economically sustainable businesses as it gained expertise in PV generation solutions as well as in other areas of the solar-value chain, such as project development, EPC capabilities and O&M services. First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the market.
However, the company faces intense competition from other players in the same space that include SolarCity Corporation , Canadian Solar Inc. (CSIQ - Free Report) and JA Solar Holdings Co., Ltd. .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>