Last week, the ailing solar Spanish PV manufacturer, Isofoton, saw its workers walk out on a 24-hour strike, described by the company’s management as “illegal”. Either way, the move came in reaction to a viability plan unveiled by the company in September involving a reduction in the Spanish workforce and aimed at “guaranteeing the viability of the company” due to “very aggressive competition from other countries such as China and a 40% drop in prices during 2011”.
Meanwhile, the firm has revealed that the Ohio Financing Advisory Council and the Ohio Air Quality Development Agency had approved three loans for Isofoton in response to its commitment to invest $31.2 million in its first plant in the US. Additionally, the Ohio Development Department declared its desire to support Isofoton with additional credits and incentives totalling another $15.8 million. The Napoleon project will create over 300 jobs over the next three years, with Isofoton being the only solar panel manufacturer in North East Ohio to use crystalline silicon technology.
"The awarding of this loan will provide our Napoleon project with significant backing. The project will require significant investment from our company, and thanks to this backing we expect operations to begin at the start of next year. We are very grateful to the State of Ohio for the confidence they have entrusted in the Isofoton project, and we hope to hold an inauguration event at the new plant within the coming weeks," said Ángel Luis Serrano, Isofoton’s CEO.
In addition to solar PV, Isofoton develops and produces solar thermal and high concentration PV systems. It has operations in over 60 countries.
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