As well as the strategic agreement, Solaria has obtained a line of credit of $30 million from DEC to purchase solar cells and other turnkey projects components. In addition, both companies will co-invest worldwide with a target pipeline of 100 MW per year.
“This agreement shows the commitment of the company for the internationalization of its services and products. The entry into the Chinese market, one of the current strategic core growth markets, is a very important achievement for the company, that is already establishing the baselines for new business opportunities in Asia,” said Solaria in a recent statement.
Dongfang Electric Corporation – headquartered in Chengdu, the capital city of Sichuan Province – is one of the largest backbone enterprise groups under the direct administration of Chinese Central Government.
DEC possesses comprehensive technical R&D abilities and is honoured by the Central Government as a National Research & Development Centre. DEC has an annual production of power generating equipment for more than 30,000 MW consisting of hydro, thermal, nuclear, wind, combine-cycle generating unit. It is calculated that DEC presently enjoys one-third domestic market share in thermal power and two-fifths in hydro power.
Solaria Energía y Medio Ambiente designs, manufactures, installs and distributes photovoltaic and thermal solution and has positioned itself in only a few years as one of the leading companies in the renewable energies industry in Spain.In 2010, its total sales reached €161.3 million, up 81% on 2009. Throughout 2010 the company added 26 MWp to its generation portfolio, an increase of 118% in grid-connected power from the previous year.
For additional information:
