Tuesday, October 30, 2007

SolarWorld Signs Letter of Intent for Korean Cell Manufacturing Plant

In order to supply increasing demand in Asian markets, German solar manufacturer, SolarWorld AG is planning an integrated solar cell and module production site in South Korea.
SolarWorld CEO, Frank H. Asbeck, has signed a letter of intent in Singapore with Mr. Hyun Woo, chairman of the South Korean company SolarPark Engineering Co. Ltd. located in Seoul. According to the letter of intent both contracting parties plan to build an integrated solar cell and module production facility in South Korea.
The project is meant to be managed as an equitable Joint Venture named SolarWorld Korea Ltd. The first investment step is foreseen to amount to €60 million . The manufacturing plant is intended to initially dispose of a yearly 60 megawatts (MW) capacity which will be increased later on to 120 MW. The aim is to initiate production already by the end of 2008.
The contracting parties agree that the integrated production will procure its silicon-based wafers from the SolarWorld Group. The solar modules produced by SolarWorld Korea Ltd. will be exclusively distributed in Korea, Japan and China. Both parties have already been successfully working together in South Korea for a long time.
On behalf of Gochang SolarPark Co. Ltd., the SolarWorld Group is supplying a 15-MW solar project in the south-western province of Chollabuk-Do. This is until now the biggest individual solar project in Asia. A further 20 MW solar park is being developed. Thanks to its solid feed-in tariff, South Korea is after Japan the biggest market for grid-connected solar power systems in Asia.

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