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Korean giant Samsung backs Isofoton with investment of Euro 50 million | Europe

Korean giant Samsung backs Isofoton with investment of Euro 50 million

Korean electronics giant Samsung has decided to invest Euro 50 million to finance Spain?s leading solar photovoltaic technology manufacturer. Representatives from both firms signed the agreement that will allow Malaga based Isofoton to strengthen its leadership position in the manufacture of photovoltaic cells, which are one of the key components that guarantee module efficiency.

The financing will be structured in two blocks. Euro 30 million will be delivered in 2012, which will allow the startup of a new selective emitter solar cell production line of 100MW capacity. The remaining sum amounting to Euro 20 million will be delivered in 2013, which will enable expanding the solar cell manufacturing capacity until reaching 300MW. This strategy will position the city of Malaga as one of the key global manufacturing centers for this type of component, which is highly demanded in the solar industry.

In the words of Isofoton?s President Ángel Luis Serrano: ?This agreement is the result of the level of diligence with which we are performing our work. Our feasibility plan guarantees a promising outlook for the company as demonstrated by the fact that a giant firm such as Samsung has decided to bet on us. Counting on the financial support of a company that enjoys the prestige and solvency of our new partner is an honor, and demonstrates how IIsofoton represents a project that can be attractive for investment as well as a reality that inspires confidence?.

Isofoton has bet on a strategy that involves vertical integration of the value chain, where the manufacturing of cells that sit at the forefront of technology constitutes a key pillar of such strategy. Selective emitter cells are characterized by the design of their front face, which is the one receiving sunlight and allows improving the conversion capacity of the ultraviolet portion of the solar spectrum, thus increasing overall efficiency. Having this type of cell available will position Isofoton modules among the world?s most efficient.

Counting on Samsung?s financial backing also guarantees that Isofoton?s Malaga facility, which is soon to be joined by the one that the firm plans to open in Ohio (US) during the course of 2012, consolidates its position as the main production center for Europe and North Africa.

Korean companies are showing an increasing interest in investing in the photovoltaic sector, one in which Spain shows clear leadership. Furthermore, commercial exchange arising from this agreement may benefit from the advantages that stem from Free Trade agreements signed between the European Union and South Korea, which came into effect June 1st of this year.
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Posted by Gisela Bühl | 2011-11-09