Green Energy Technology has announced that it will be investing $16m in a solar farm to be built in Spain as part of its efforts to gain a better footing in the European market.
The project will integrate Green Energy’s thin-film photovoltaic modules into Europe and build its experience in the PV power generation segment.
Green Energy did not reveal the name of its Spanish partner in the solar farm, nor provide the location or further details of the project. The company reported pre-tax losses of $2.8m for the first six months of the year and it said that it will finance the investment through bank loans and the issue of global depository receipts.
Chinese PV module makers, such as Suntech Power and Yingli Green Energy, have reportedly gained an upper hand over Taiwanese rivals because of better vertical integration.