- Press Releases
December 7 (Renewables Now) - Finnish solar energy company Solar Finland Ltd has agreed to form a joint venture in Thailand that will set up a manufacturing facility for photovoltaic (PV) modules with an initial annual capacity of 100 MW in the Asian country.
Participating through Solar Finland Investment Ltd, the company has teamed up on the project with Finnish development financier Finnfund and PEA Encom International, a Thai state enterprise owned by Provincial Electricity Authority (PEA), according to an announcement last week. The partners will own 38%, 37% and 25%, respectively, in the joint venture and will together invest EUR 7.5 million (USD 8.5m) in the project.
The joint company, Salo Tech Thailand Ltd, will produce SALO solar panels and is planned to have a capacity of 100 MW per year in the first phase, with a second phase to increase the capacity based on demand. Production could start in the second quarter of 2022.
The factory’s output will be targeted at the local market and the ASEAN (Association of Southeast Asian Nations) countries.
(EUR 1 = USD 1.129)