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PRESS REVIEW

OUR STORY

In June 2008, after reading an article (The Economics of Solar Power) written by his former colleagues Cenap Kuloğlu made a life decision to focus on the solar business.

Bernhard Beck, Frank Bechmann, and Cenap Kuloğlu started working together in early 2009 in Turkey based on a handshake in September 2008. Frank and Cenap worked out the J.V. agreement, signed in August 2009.

Based on the J.V. agreement, Bernhard and his partners at Beck Energy (later renamed BELECTRİC) founded two J.V. Companies with Cenap on a 50:50 shareholding – and joint decision – making structure – basis: BELECTRİC KULOĞLU SPP TECHNOLOGY A.Ş.(Focus: Project Development, System Integration – and O&M-works) and CLİMAGY KULOĞLU SPP INVESTMENTS A.Ş. (Focus: Equity investments in obtaining licenses).

Following Cenap’s idea of creating a “Joint Business Model” with Top-notch Turkish Families/Groups, Cenap and Frank initially established two J.V. companies with two Groups. BELECTRİC KULOĞLU developed the Solar Projects, which participated in the tenders. These two J.V. companies (GÜN GÜNEŞ and RA GÜNEŞ) were awarded three Projects of 77,4 MWac (14,2 % of the tendered capacity) in the First Licensing Round, thus ranked #1. On the top, committed 320 k USD/MW less a grid connection capacity fee than the next four competitors, a.o. First Solar, Akfen. As a result the two J.V. companies (GÜN GÜNEŞ and RA GÜNEŞ) saved 25 mn USD vis a vis the next four competitors!

The successful results attracted both FORTUM and SUNPOWER to partner with us to develop utility scale projects to participate in tenders.

The former CLİMAGY KULOĞLU SPP İNVESTMENTS A.Ş. is now renamed: LCF KULOĞLU SPP İNVESTMENTS A.Ş.

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