Neo Solar buys into Phanes, 800 MW of PV projects globally
Solar panels installed at a mountain hut in Lenzerheide. Author: SteFou!. License: Creative Commons, Attribution 2.0 Generic
In line with its downstream development strategy, Taiwanese firm Neo Solar Power Corp (TPE:3576), or NSP, has acquired a 30% equity interest in Swiss-Emirati renewables developer Phanes Group and consequently 800 MW of projects.
Through this move, the solar cell maker will join a number of photovoltaic (PV) schemes throughout Western Europe, Africa, Latin America, the Middle East and Southeast Asia, it said. Neo Solar estimates that the construction of roughly half of the capacity will kick off within a year.
In a statement last Wednesday, the company unveiled that the transaction was executed through its unit General Energy Solutions (GES). The subsidiary has successfully completed PV projects in the US, the UK, Japan and at home, the parent noted.
In May 2015, Neo Solar unveiled plans for a publicly-listed yieldco vehicle with an international solar project developer. The plan followed a decision to invest more in global solar plant construction in order to generate a steady profit source for the group.