Through its subsidiary Defic Globe, YEO Technology (YEO Teknoloji Enerji ve Endüstri) reached a deal with Shanghai Electric Power – SEP for two photovoltaic projects in Romania. The company headquartered in Istanbul already has two solar power plants in the country.
YEO said 75% of the shares of the two project companies were transferred to SEP under the agreement, which obtained regulatory clearance. Defic will be able to increase its stake to 30%, according to the statement.
The investment is worth EUR 65.8 million and construction starts soon, the Turkish conglomerate revealed. The two solar power plants will have 129 MW in combined peak capacity, it said. YEO, which owns 51% of Defic Globe, is also the engineering services contractor. It founded the joint venture in 2021 with EMSOLT Investments.
SEP is a subsidiary of State Power Investment Corp. (SPIC).
Defic Globe completed its first PV plant in Romania last year
Defic Globe’s plans to achieve 1 GW of renewable energy capacity by 2030. The firm completed its first PV plant in Romania last year.
The Caracal facility in the country’s south has 18 MW in peak capacity and an estimated annual output of 26 GWh. Defic Globe is also building two photovoltaic plants in Bobicești, in the same area, of 14.1 MW and 7.2 MW in peak capacity. The firm aims to make them operational by mid-2025. Combined annual production is estimated at 34.4 GWh.
YEO Technology joins RPIA
YEO Technology said it is opening an office in Romania and that it joined the Romanian Photovoltaic Industry Association (RPIA). The company added that it plans 1 GW of renewable energy and 1 GW of energy storage on a global scale by the end of the decade. YEO Technology began its operations in 2004, in the industrial automation sector.
Through its subsidiary Reap Battery, the company recently established a joint venture in Turkey with Great Power from China, for energy storage solutions.
