First Solar, China Power agree to deal
First Solar Inc. and China Power International New Energy Holding Ltd. have agreed to a deal to partner on solar projects in China and the U.S.
The deal, announced Tuesday, will start in China. CPINE is one of the largest developers of renewable energy in China, and has plans to bring on two gigawatts of solar power by 2020.
“This cooperation leverages our advantages in the domestic solar power industry, and helps First Solar further expand its business presence in China,” said Li Xiaolin, chairwoman of Chin Power International Holding Ltd., CPINE’s parent. “In addition, we are happy to explore other cooperation opportunities in different areas and through different methods with First Solar, working together to further expand in the global market.”
The move by First Solar continues its expansion in China. The Tempe-based company (Nasdaq: FSLR) has a deal to install a 2-gigawatt system in Ordos City, China, and is partnering with China's National Energy Administration on the project.
Potential financial terms of the deal were not announced, but it gives First Solar more access to the commercial power market in the country, company officials said.
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