SHANGHAI, May 20, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has formed a partnership with UCK Group, a leading Turkish solar energy solution provider to develop a pipeline of solar power projects in Turkey with a total installed capacity of 116 MW. All of the projects are unlicensed thus qualifying for the Feed-in-Tariff of $134/Mwh.
Under the terms of the partnership agreement, UCK Group's Berak Enerji will develop and construct the solar power plants, while ReneSola will design the plants and supply high-efficiency solar modules and inverters. With the start of operation, the projects will be transferred into a new joint venture in which Renesola and UCK Group will each hold 50%. The joint venture intends to own 70 MW of the operating projects by early 2017.
Xianshou Li, ReneSola's Chief Executive Officer and Atilla Uckardes, Chief Executive Officer of UCK Group said, "We are excited to partner to develop this pipeline of projects in Turkey. This partnership enables both companies to gain traction on the attractive Turkish PV market, while also demonstrating our technology leadership and strong competitive advantages. We look forward to further supporting solar deployment in Turkey with our cost-effective, high quality products."
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
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SOURCE ReneSola Ltd.