CNOOC and Spanish firm form solar venture
February 3, 2012, Friday
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Print Edition
Print Edition
CHINA National Offshore Oil Corp's battery unit has invested US$300 million in a venture with Spanish solar power company Isofoton SA to develop photovoltaic plants across Asia.
CNOOC, the country's biggest offshore energy explorer, will own 51 percent in the Tianjin-based company through its Tianjin Lishen Battery Co. The entity will set up a 150-megawatt manufacturing plant and build power plants, Isofoton CEO Angel Luis Serrano said. Isofoton will own 49 percent and supply the technology.
Isofoton, which furnished solar panels for the Spanish prime minister's official residence in 2007, is building plants and moving its production to China after subsidy cuts in 2009 gutted sales of its panel unit in Spain. Solar equipment makers are pinning their hopes on orders from China.
(Bloomberg News)
CNOOC, the country's biggest offshore energy explorer, will own 51 percent in the Tianjin-based company through its Tianjin Lishen Battery Co. The entity will set up a 150-megawatt manufacturing plant and build power plants, Isofoton CEO Angel Luis Serrano said. Isofoton will own 49 percent and supply the technology.
Isofoton, which furnished solar panels for the Spanish prime minister's official residence in 2007, is building plants and moving its production to China after subsidy cuts in 2009 gutted sales of its panel unit in Spain. Solar equipment makers are pinning their hopes on orders from China.
(Bloomberg News)
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