Spain’s solar equipment maker Isofoton and Tianjin Lishen Battery Co., Ltd., a unit of CNOOC, have entered into an agreement that they are to set up a joint venture developing solar projects mainly in China.
The news has been testified by the Spanish solar power company.
The venture, known as Isofoton Lishen New Energy, is headquartered in Tianjin. The company is predicted to make an initial investment of USD 300 million in development of a 150MW solar project in 2012; the capital will come from Tianjin Lishen Battery.
Isofoton spokesperson says that the Tianjin partner owns a 51 percent stake in the venture and Isofoton holds the remaining 49 percent; the Tianjin company will be responsible for solar cell mass production and provide funds for solar facilities, and the Spanish company will provide technical for solar equipment manufacturing and sales.
Photovoltaic industry definitely sees a bright picture although it is in downturn and many companies face difficulties currently, according to new energy sector researchers with China Investment Securities.
