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Quantum Fuel Systems Technologies Worldwide and partner, Asola, are to build a solar module manufacturing facility in Casablanca, with an initial capacity of 30MW. The company stated that Asola will hold the controlling stake in this joint venture, while both Asola and its Moroccan partner, Majdaline Holding, will implement the project.
"In view of the rising demand for energy, the high price of oil and shrinking reserves, many countries are facing the challenge of developing alternative energy sources and prioritizing their utilization. Morocco has recognized the strategic importance of renewable energy early, and has compiled a law (EEG Morocco), to promote R&D and utilization of clean renewable energy, to improve energy security and protect the environment, while supporting lasting economic and social development of Morocco," commented, His Excellency Mohammed Rachad Bouhlal, Morocco's Ambassador to Germany.
"Our business model of centralized technology development and global procurement, coupled with local manufacturing, is an attractive solution for Morocco", said Reinhard Wecker, Founder and CEO of Asola. "We are pleased by the support and backing of the Government of Morocco for this joint venture, which will open the door to the growing solar markets in Northern Africa."
The partners said that they had the potential to generate revenues in excess of $100 million annually from the venture.
