Upsolar established a local presence in Istanbul and Singapore with two new offices for the company to serve the emerging solar markets in Turkey and Southeast Asia. These offices will also help Upsolar reach the Middle East and Southeast Asia solar markets, which are expected to grow rapidly due to booming populations, increasingly favorable regulations, and a lack of access to reliable electricity in many regions.
After leading Upsolar’s growth in Greece, Ioannis Markatatos will take the helm of the company’s Istanbul office as General Director of Turkey and Greece. Markatatos commented, “Experience in renewable energy and the new feed-in-tariff program make Turkey an exciting new market. An on-the-ground presence will help us tap into demand and build relationships with local financial, logistical and installation partners.”
Through partnerships with local EPC experts, Upsolar plans to develop 29 MW of solar projects in Turkey in the coming years. In addition to a sales office in Istanbul, Upsolar will open a local warehouse near Antalya, Turkey's largest solar market, to quickly deliver products and easily respond to changes in demand.
Upsolar’s Singapore office will enable the company to leverage the city-state’s substantial resources as a hub for finance, logistics and information for Southeast Asia. Roy Li will head the regional headquarters as Upsolar’s Managing Director of Asia Pacific. Li most recently managed the growth of Upsolar’s Japan office, which closed more than USD $50M in sales in 2013.
Li commented, “Southeast Asia holds tremendous PV potential due to its rapidly changing economy, large population and many areas that lack consistent access to electricity. We will look to hire locally as we expand our operations in the region.”
Mr. Goh Chee Kiong, Executive Director, Cleantech for the Singapore Economic Development Board, appreciated Upsolar’s decision. “This investment by Upsolar will add to the vibrancy of our solar industry ecosystem and strengthen Singapore’s position as a global clean energy hub.”