Renewable companies from Turkey and Qatar signed a Memorandum of Understanding (MoU) for cooperation in solar energy investments early Thursday in Ankara, according to company's announcement on Friday.
With the newly signed MoU, Qatar Solar Technologies (QSTec) and Turkish companies Bendis Enerji and Ferna s Group will cooperate in investments.
According to Turkey's Renewable Energy Action plan launched last year, Turkey aims to have over 5 gigawatts of installed solar capacity by 2023. The country prioritizes renewable energy investments and the involvement of the private sector to assist in the diversification of Turkey’s energy sources.
"The cooperation will draw upon the strengths of QSTec and its partners across several key areas including solar industry expertise, research and development collaboration opportunities, solar energy applications, investments as well as examining other areas of mutual interest where QSTec can make a positive contribution to Turkey’s solar industry," the company's announcement reads.
The Qatari Ambassador to Ankara, Salem Mubarak Al-Shafi said in the statement that he sees the MoU as a natural extension of these well-established partnerships.
"Our two great countries share many interests and have a very long history of collaboration across many different industries. I’m very proud that QSTec is further strengthening these close ties by assisting in the development of Turkey’s solar industry,” Al-Shafi stated.
Turkey has one of the highest solar irradiation levels in Europe, especially in the central and southern regions. The long daylight hours make ideal conditions for the production of solar energy.
Dr Khalid K Al Hajri, chairman and CEO of QSTec said in the statement that they feel positive about Turkey's solar energy future and added “developing local expertise within the solar industry is an important component in addressing Turkey’s solar energy targets while QSTec and its partners have much experience in this area."
Turkey's solar energy costs have reduced considerably; by 34 percent over the last few years, while technology and improved efficiency have led to a booming market for solar power.