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Spanish PV developer Isofotón and Lancaster Group, a Kazakhstan-based private company operating in several industries including energy, have inked a memorandum of understanding (MoU) to develop PV projects in Kazakhstan.
The MoU was signed by Ángel Luis Serrano, Isofotón’s President, and Nurzhan Janabekov, the CEO of Lancaster Group, on 25 February.
Under the MoU, Isofotón will develop PV and polysilicon projects in Kazakhstan. The company will also co-operate with Centesil, an independent research centre for polysilicon, in order to share its technology expertise and help the company to achieve vertical integration in its value chain.
Serrano stated that this agreement is a “key step in reinforcing our international presence, in this case on the Central Asian market, and reaching the integration of all the value chain within PV business, something capital nowadays and that demonstrates our strength and flexibility”.
The agreement is in line with Isofotón international expansion strategy. The company — which has 1,500MW of PV projects in the pipeline for the next two years — is aiming to strengthen its position in several emerging markets including Latin America and Asia. Recently, the company opened a new office in Singapore to drive its PV business in Australia and South East Asia.