First Solar to spend USD 100m on Japanese solar projects

Nov 18, 2013 - US firm First Solar Inc (NASDAQ:FSLR) on Friday confirmed reports regarding its investment plans for Japan and said it would pour USD 100 million (EUR 74m) to build solar parks in the Asian country.

The company will collaborate with Japanese companies to design, build and operate the solar power facilities as part of its strategy to develop sustainable solar markets, said CEO James Hughes.

First Solar is willing to partner with Japanese firms that are willing to invest in solar projects, First Solar’s chief commercial officer Joseph Kishkill noted. The US company operates in Japan through its local arm First Solar Japan GK. Last week Japanese refiner JX Nippon Oil and Energy Corp said it would be selling in Japan First Solar’s photovoltaic (PV) modules under a contract through 2015 that gives it exclusive marketing rights.

A surge in demand for solar products in Japan, stimulated by the attractive feed-in tariffs (FiTs) offered, has already turned the country into an important revenue source for major PV makers. The government aims to install 28 GW of solar capacity by 2020 as part of its effort to promote the use of renewable energy sources.

(USD 1 = EUR 0.741)

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