Turkish companies Naturel Enerji and Berkteks Inşaat have signed a project development and turnkey engineering, procurement and construction (EPC) contract for an 11-megawatt (MW) solar power plant project in Italy, Naturel Enerji said in a statement Tuesday.

The total value of the contract is 12 million euros ($14 million), excluding value-added tax (VAT), with Naturel Enerji providing funding for the project.

According to the statement, the project is considered to be one of the important solar power plants in Italy and Europe and is also significant for Turkish investors and EPC contractors in terms of its size, characteristics and location.

The companies will undertake project development, EPC, power purchase agreements (PPAs) and project financing on a turnkey basis.

The plant will be built on solar tracker systems, and the electricity produced will be sold to private consumers through PPAs.