PacWest Equities finds Brazilian partners for solar plan
Sep 16, 2013 - US company PacWest Equities Inc (PINK:PWEI) said Friday it would partner with Brazilian energy firms Itambe Energy and 3CO Energy as part of a plan to start making solar glass panels for the Brazilian construction market.
In March this year PacWest bought DayStar Technologies Inc’s (NASDAQ:DSTI) copper indium gallium (di)selenide (CIGS) production line that makes solar covered glass panels. The investor now wants to deploy that technology in Brazil in a drive to take advantage of growing local opportunities. The company said, citing estimates, that by 2017 the local solar market in South America will be worth around USD 89 billion (EUR 66.7bn).
Just on September 12, PacWest said that Luxembourg-based Euro Brazil Investments SA would provide USD 50 million in financing to back the firm’s solar plan for Brazil. As part of that deal, the Brazilian Central Bank will grab a minority stake in PacWest.
Both Itambe Energy and 3CO Energy are based in Curitiba, the Capital of Brazil’s Parana state. They have sealed partnership agreements with PacWest, the latter said, without providing much detail. Itambe produces power for the state, while 3CO’s three units are involved in the development of clean and efficient energy solutions, battle with environmental issues and in programmes for sustainable use of natural resources management.