18 November 2013
First Solar to invest $100m in developing PV power plants in Japan
Cadmium telluride (CdTe) thin-film photovoltaic module maker First Solar Inc of Tempe, AZ, USA says that it will invest about $100m in Japan to develop solar power plants. The firm aims to partner with Japanese companies to develop, construct, and operate solar power plants, mitigating Japan’s dependence on nuclear and natural gas fuel imports.
“We invest in markets where solar power addresses a fundamental need on a sustainable basis,” says CEO James Hughes. “Japan is adopting a progressive approach by incorporating clean, safe, renewable sources of power in its plans to address the gap created by idle nuclear power,” he adds. “First Solar has proven solutions to support Japan’s vision of energy security and economic growth, and we will continue to invest here as part of our strategy to develop sustainable solar markets.”
Japan is expected to become one of the key solar markets due to its significant energy demand, with a government-set target to install 28GW by 2020. PV plants can be built quickly and safely, says First Solar, providing robust solutions to idled nuclear power.
“First Solar is the world’s largest developer of solar power plants,” says chief commercial officer Joseph Kishkill. “We plan to invest in Japan by developing solar power plants both with our own team and through local partners. We believe this strategy will accelerate the adoption of clean and safe solar power in Japan,” he adds. “We welcome partnerships with Japanese companies who seek project investments and complete solar solutions.”
With its expertise in development, engineering, procurement and construction of solar power plants, First Solar has established the Japan operating subsidiary First Solar Japan GK and opened an office in Tokyo, investing in Japanese resources and expertise, in order to effectively pursue growth opportunities.