Ihlas Holding, a leading Turkish conglomerate, has signed a strategic cooperation agreement with China Energy International (CEOIC), a subsidiary of Chinese energy giant Energy China (CEEC), and Sungen Solar Energy to develop a major renewable energy project in Türkiye. The agreement, valued at $244 million, will result in the construction of a 250 MW solar energy production and storage system.

The project will feature a 200 MW solar power plant and a 65 MW energy storage system, aimed at improving the efficiency of renewable energy resources. This initiative also plans to integrate energy storage systems, with a capacity of 200 megawatt-hour/250 megawatt mechanical, to further enhance energy utilization.

A joint company will be established, with CEOIC holding an 80% stake, Sungen Solar 10%, and Ihlas Holding 10%. The new company will oversee the development, construction, and operation of the solar energy project.

China Energy Chairman Lyu Zexiang noted that CEEC has undertaken more than 70 projects in Türkiye since 2001. The new solar energy venture marks a significant expansion of their presence and collaboration in the country.

Ihlas Holding has emphasized its commitment to Türkiye's clean energy goals, positioning the project as a significant step in the country's sustainable energy transition. The deal is also seen as a model for future China-Türkiye collaborations.

This partnership highlights Türkiye's strategy to become a regional energy hub and strengthen its energy security by diversifying its energy sources and routes.

Source: turkiyetoday.com