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Isofoton strengthens its presence in China by joining forces with CNOOC | Asia Pacific
 
   

Isofoton strengthens its presence in China by joining forces with CNOOC

IsofotonPresident Ángel Luis Serrano and Qin Xin Cai, President of Tianjin Lishen Joint-Stock Battery Co.,have signed an agreement that establishes a joint venture based in Tianjin. The new company, called Isofoton LishenNew Energy (Tianjin) Co., Ltd., will develop PV projects totaling 150 MW. CNOOC will invest up to $300 million USD in the projects.

The Chinese oil company´s attention was drawn to Isofoton for its impressive projects, such as its high concentration photovoltaic plant in Gormud, China and its service stations for electric vehicles powered by clean energy. The latter project uses technology from Spanish train infrastructure company ADIF, called Ferrolinera, that harnesses train braking and traction, in addition to solar energy from Isofoton panels. Isofoton´s agreement with CNOOC is very important in fulfilling its strategic plan, which includes China as key market for international growth.
Isofoton,with 30 years experience in the manufacture of solar panels and project development, will bring to the joint venture its sales network, know-how and a pipeline of more than 1000 MW in projects that it plans to complete in 2012 in the US, Latin America and Europe. Likewise, Isofoton´s new partner will bring its technology for developing batteries on a large scale, as well as funding for developing solar plant projects.
China National Offshore Oil Corp. is a state-owned Chinese oil company and the third largest in the country. In the words of President Serrano of Isofoton: ?It´s a great honor for us to have been chosen by CNOOC as partners. Working in China with the support of a leading company in the energy sector will allow us to enter China through the front door and take advantage of the favorable regulatory framework set by the government of China, where it is estimated that 15 GW could be installed in the next three years.?

The Isofoton Group has extensive experience in China where it has spent many years developing its business. The company also manufactures a range of solar trackers in the country, which are designed and engineered in Spain. Isofoton recently announced the completion of its Gormud installation, which is based on high concentration PV technology. It is the first of its kind in China developed by a foreign company, and was an opportunity for Isofoton to partner with one of the principal electric companies in China.

For the CNOOC Group, partnering with Isofoton is an opportunity to have a strong European partner with long experience in the production of PV technology and extensive knowledge of international markets.
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Posted by Gisela Bühl | 2012-02-02