Spanish solar company ISOFOTON and Chinese oil company, China National Offshore Oil Corporations (CNOOC)'s subsidiary, TIANJIN LISHEN BATTERY JOINT-STOCK, have established a joint venture based in Tianjin, China. The new company, called ISOFOTON LISHEN New Energy, will develop PV projects totalling 150MW. CNOOC will invest up to US$300 million in the projects. For the CNOOC Group, partnering with ISOFOTON is an opportunity to have a strong European partner with experience in PV technology and extensive knowledge of international markets.
ISOFOTON will bring to the joint venture its sales network, know-how and a pipeline of more than 1000MW in projects that it plans to complete in 2012 in the US, Latin America and Europe. Likewise, CNOOC will be offering its technology for developing batteries on a large scale, as well as funding for developing solar plant projects.
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President Serrano of ISOFOTON said, “It's a great honour 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 favourable regulatory framework set by the government of China, where it is estimated that 15GW 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.