OPEL Solar International, the joint venture between OPEL Solar and Ecotech Environmental Technology, has been awarded its first order, just over three months after its formation. The company will provide 5MW of its HCPV panels and dual axis trackers to one of China’s electric power companies. OPEL Solar International initially expected the order to be for 2MW, but looks at the doubled purchase order as a way for it to break into the HCPV market in East Asia. Deliveries should start in the second quarter of 2011 and be completed during 2012.
“This initial purchase order, in excess of tens of millions of dollars for our HCPV solar system, reinforces our decision to form OPEL Solar Asia with our partner Ecotech,” said Leon Pierhal, CEO of OPEL Solar. “We believe that our decision to form the JV significantly increases shareholder value for OPEL Solar in the form of accelerated growth and more profit from diversified geographies. Early indications are that our optimistic outlook in the Asian market may be well justified. It is refreshing to receive this Asian order at this time, given the turmoil in the North African and Middle Eastern regions of the world could impact solar growth there,” Pierhal added.
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OPEL Solar added that it will depend upon Ecotech and its established network of local manufacturers as the company moves into more local manufacturing with volume increases. Once the manufacturing processes reach their full efficiency, OPEL Solar will undertake full responsibility for the manufacturing and installation of complete HCPV utility-grade solar farms.