(ADPnews) - Dec 16, 2010 - Canadian high concentration photovoltaics (HCPV) maker Opel Solar Inc, part of Opel Solar International (CVE:OPL), said yesterday it established a joint venture in Hong Kong to facilitate its expansion into the rapidly growing HCPV market in eastern Asia.
The company's joint venture partner is Hong Kong-based Ecotech Environmental Technology Ltd.
The formation of Opel Solar Asia Ltd (OSA) is the first step of Opel's plan to enter eastern Asia, with revenues there seen to reach USD 100 million (EUR 75m) in the coming four to five years. China is the primary target of the joint venture.
With its establishment, OSA secured an initial order for 2 MW of Opel's HCPV modules and trackers. The execution of the order will fulfil contracts of Ecotech in China and is seen to present a multimillion-dollar revenue opportunity for Opel in the first year of operation of the joint company.
The company is also in talks over the formation of other joint ventures around the world next year, it added.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.