(ADPnews) - Dec 8, 2010 - Solar power technology firm Emcore Corp (NASDAQ:EMKR) announced yesterday that it will set up its high-concentration photovoltaic (CPV) components manufacturing operations in Huainan, eastern China.
The company has inked an investment and cooperation agreement with the city of Huainan, which will support the start-up -- a 40/60 joint venture (JV) between Emcore and San'an Optoelectronics Company Ltd.
Dubbed Suncore Photovoltaics Co Ltd, the entity will get a land grant of 263 acres (106 hectares), extended tax holidays, and other financial incentives. Moreover, Huainan will provide CNY 500 million (USD 75m/EUR 57m) to Suncore within 3 days of the start of the construction of the manufacturing plant. Furthermore, for the first 1 GW, the city will hand out a CNY 1.4 RMB cash rebate for every watt of CPV systems manufactured in Huainan and sold in China.
Overall, Suncore Photovoltaics is anticipated to establish a total of 1 GW of manufacturing capacity in Huainan over the next five years for CNY 8 billion.
The JV agreement between Emcore and San'an Optoelectronics Company Ltd was announced on July 30, 2010. The companies planned then to establish the new entity in Wuhu City, Anhui province of China.
Suncore Photovoltaics is planned to start facility construction in early 2011.