- Press Releases
Feb 17 (Renewables Now) - First Solar Inc (NASDAQ:FSLR) this week said Turkish conglomerate Zorlu Holding AS will become a major distributor of its thin-film photovoltaic (PV) modules in 26 markets.
Under a five-year collaborative sales agreement signed by the companies, Zorlu will distribute First Solar's modules in Turkey, Afghanistan, Albania, Bosnia, Bulgaria, Cyprus, Georgia, Kosovo, Macedonia, Pakistan, Romania, Serbia, Turkmenistan, the Ukraine, and the Commonwealth of Independent States (CIS). Zorlu Solar will also be developing its own projects that will be powered by First Solar modules, the US company said.
The deal will see First Solar close its office in Istanbul and move its business development resources in Turkey to Zorlu Solar.
Stefan Degener, First Solar's head of business development for Europe, Turkey and Africa, said the First Solar sees the agreement as an enabler of its growth strategy in the region. "By leveraging Zorlu's commercial strength in these countries we expect to gain access to module sales opportunities in emerging markets, some of which we have not previously targeted," said Degener.
The US solar company said the tie-up is part of efforts to expand its global commercial footprint and follows a strategic pact agreed in 2015 with Caterpillar Inc (NYSE:CAT) to market Cat-branded solar panels, made by First Solar, through its global Cat dealer network.