South Korean Hanwha Q Cells Hong Kong Ltd. and Turkey's Kalyon Energy Investments Inc. are set to establish a joint venture company, a statement on the entity's website has revealed.

The statement confirms that the parties have filed an application with the Turkish Competition Authority and says that the joint venture was related to the solar energy-based electricity energy production facility planned for Karapınar YEKA (Renewable Energy Resource Areas) under the Ministry of Energy and Natural Resources.

Earlier on March 20, a consortium led by Kalyon Energy and Hanwha Q Cells won the bidding held for the establishment and operation of a 1000-megawatt power plant, a photovoltaic solar module plant and a research and development (R&D) center as well as electrical energy and solar module production activities. An estimated $1.3 billion will be invested in the project. Within the scope of the Karapınar solar power project, a plant with an annual production capacity of a minimum 500 megawatts will be built in Karapınar. Capacity will be gradually raised to 1,000 megawatts through R&D activities over the next decade. The photovoltaic modules at the plant will be produced at an onsite factory, which will be built within 21 months from the contract signing date. The Karapınar YEKA-1 Solar Power Plant will be the first to follow the conditions of localization and YEKA-based pricing. As of March 2017, the total installed capacity of solar plants in Turkey stood at 820 megawatts, just 1 percent of total power generation in the country.

Hanwha is one of the largest business conglomerates in South Korea. Founded in 1952 as Korea Explosives Co., the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from their original business of explosives to retail to financial services. Hanwha provides practical solutions to real-world challenges, including sustainable energy, affordable housing and wider access to financial services. In the energy sector, Hanwha Q CELLS is now the number one solar cell manufacturer in the world. Recently, it signed a record-breaking 1.5-gigawatt solar module supply agreement with the U.S.'s NextEra Energy Resources.