Company inks largest order to date to accelerate growth in emerging Turkish market

ISTANBUL - September 29, 2015 - Upsolar, a leading provider of solar PV modules, today announced the close of a 40 MWp sales agreement in Turkey. Upsolar modules will be deployed across dozens of utility-scale projects in the country over the next 12 months, helping Turkey drive toward its National Renewable Energy Action Plan which mandates 30 percent renewables by 2023.

These projects are the result of Upsolars dynamic partnership with engineering, procurement and construction (EPC) firm Sunel-Tes Enerji.

With the first two installations, Upsolar exceeds 35 MWp of installed capacity in Turkey since Q1 2014. The companys first shipment from this contract—18.7 MWp of UP-M260P polycrystalline modules—will be utilized for 17 projects of 1.1 MWp each in Turkeys Nevsehir Province. A second, 3.3 MWp shipment will follow in the coming weeks.

"The scale of this contract is a major milestone both for Upsolar and for the Turkish PV market as a whole," said Ioannis Markatatos, Turkey and Middle East Director for Upsolar Group. "With 2015 market growth predictions as high as 250 MWp, this deal stands as a significant contributor to Turkeys aggressive renewable energy targets and underscores Upsolars role as a key driver in nascent solar markets."

"Upsolars commitment to quality and its ability to efficiently scale production to meet customers demands makes the company the right partner for us on our quest to make Turkey a global PV leader," said Konstantinos Zygouras, CEO of Sunel Enerji. "We look forward to flipping the switch on these projects and bringing clean, renewable energy to every corner of Turkey."
 
About Upsolar
Upsolar is a leading international developer and producer of high quality solar PV modules at competitive prices, ensuring secure long-term investments for our customers around the world. By utilizing a fables, asset-light business model and top-tier module components, Upsolar is able to stay ahead of the demand curve and offer innovative, tailored PV technologies to meet customers' varying performance and aesthetic needs. All Upsolar modules are covered by industry-leading product warranties and performance guarantees, including third-party coverage options. To date Upsolar has sold more than 1 GW of PV modules worldwide. For more information visit www.upsolar.com.

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About Sunel Enerji
Sunel Enerji is a member of the Sunel Group. The company Sunel Group was founded in 2007 to participate in energy investments and mainly photovoltaic power plants. Having realized the investment opportunities and the development that would occur from the energy projects, the shareholders were involved in several investments of solar power plants. The implementation of these investments and market research of different applications of photovoltaic technology, led to the creation of subsidiary company Sunel Constructions, seeking to become a reliable solution for own investments as well as third party photovoltaic investments, as an EPC contractor. The knowledge that was gained and the significant strategic partnerships, can guarantee competitive technical and economical solutions to individuals, farmers, investors and corporations. All the above preconditions enable Sunel to be one of the fastest developing companies and being the choice of many private investors and professionals for their specific applications.