Solar panels. Author: Patrick Kain. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
US company First Solar Inc (NASDAQ:FSLR) said on Tuesday it has formed a joint venture with OrionGroup International Inc to realise commercial and industrial solar projects in the Philippines.
The jointly-owned firm, called FSO Energy Solutions Inc (FSO), will be providing electricity from solar photovoltaic (PV) installations to large commercial and industrial customers through long-term power purchase agreements (PPAs).
“This initiative will help to address the gap in demand-supply imbalance caused by various factors like grid supply, costly alternate diesel power and rising electricity costs,” said Jack Curtis, First Solar's regional manager for Asia Pacific.
The parties did not give details about the JV’s ownership structure or the sum each of them intend to invest.
Set up in August 2012, OrionGroup offers various renewable energy products such as wind turbines, solar PV systems, clean water generators and solar air conditioning systems.