Unique, Australian-made solar PV technology has been chosen for mass production at a planned 600MW manufacturing plant in Turkey.
Australian solar technology developer Dyesol said in a statement to the ASX on Monday that it had received a non-binding letter of intent from the Development Bank of Turkey outlining plans for development and commercialisation of its perovskite based PV technology.
Perovskites are a key element of DyeSol’s Solid State Dye Solar Cell (ssDSC) technology that can be used in modules embedded in buildings, known as building integrated photovoltaics (BIPV).
The plans involve the construction of a prototype, pilot line of manufacturing and then mass production, with the end goal being to construct a 600MW plant at Mersin, and employ up to 2,500 technical, manufacturing, installation and maintenance staff.
Bahattin Sekkin, Deputy CEO of the development bank also known as TKB, said renewable energy was strategically important for Turkey, where the conditions for solar were favourable and the country wanted to diversify away from energy imports.
The letter of intent says the bank is ready provide the required project finance at suitable conditions, once it has completed its due diligence on the project. It may also take a strategic equity interest in Dyesol at terms to be considered.
The plans call for a $1.9 million prototype facility, followed by a pilot line commencing in 2016.
Mass production of glass substrate panels is scheduled to commence in 2018 and plans are to address utility, rooftop and stand-alone installations in the first instance and fully building integrated applications (BIPV) in subsequent development stages.
Dyesol says it hopes to form similar partnerships in strategic geographical locations around the world for the Australian-developed technology and is currently involved in at least one similar negotiation for substantial and attractive project finance.
“We are very excited about our commercialisation prospects in Turkey,” managing director Richard Caldwell said.
“In particular, the Turkish Development Bank appreciates the inherent risks in the scale-up to mass production of our revolutionary solar technology and we have every confidence in securing their substantial financial support.”
Dyesol shares rose 5 per cent on the ASX on Monday, to 21c, giving it a market capitalisation of $114 million.
© 2015 Solar Choice Pty Ltd