Japan’s Itochu forays into European solar market; acquires stake in Italy’s GAPS

Italian
solar power system marketer Greenvision ambiente Photo-Solar, or GAPS,
has sold a 43 percent stake in its company to Japanese M&A company
Itochu. Recent start-up GAPS will receive approximately ¥1.2 billion
(US$11.5 million) from the deal, which will also see collaboration
between the two companies on marketing strategies, and the supply of
Japanese-, U.S.- and Asian-made solar power modules to the company’s
portfolio.

This stake in GAPS is one of several of its kind carried out by Itochu in recent times. With governmental incentives encouraging the investment of M&A companies in the solar industry, Itochu’s investment in Norwegian company NorSun AS and in a U.S.-based marketer of solar power systems in 2007 are likely to be the start of a number of investments in the industry by the Japanese company.