Solar Frontier, the worlds largest CIS solar energy solutions company, announced today that it has entered into a definitive agreement to acquire a 280 MW solar power project pipeline in the
U.S. from Gestamp Solar, a global developer and operator of utility-scale solar power plants. As part of the transaction, the development team leading Gestamp Solars U.S. operations will join
Solar Frontiers U.S. subsidiary, Solar Frontier Americas. Solar Frontier has already established itself as a project developer in Japan, where it sells completed solar power plants to investors.
Solar Frontier is now bringing these broader market solutions to the U.S. through this transaction, providing it with a catalyst to scale business in the Americas.
Atsuhiko Hirano, CEO of Solar Frontier, commented, The U.S. downstream expansion is part of Solar Frontiers growth strategy to accelerate our business in key global markets through 2015 and
beyond. The company has achieved world-class production costs and delivered exceptional product performance in Japan, a country recognized globally for demanding the highest quality in solar. We
plan to bring that same quality and performance to our fully integrated business in the U.S. and the Americas.
Gestamp Solar is a global solar development company with projects in Spain, Italy, France, South Africa, Mexico, Japan, Peru, Chile and the U.S. Gestamp Solar is backed by a 13B, multinational,
industrial holding group, Corporacion Gestamp. Gestamp Solar has developed more than 600 MW worldwide and, most recently, commissioned projects that include 30 MW in South Africa and 40 MW
in Peru.
Solar Frontiers financial strength and high performance products combined with the experienced development team is sure to enable successful completion of this U.S. pipeline, said Jorge
Barredo Lopez, CEO of Gestamp Solar. We believe that this vertical integration is a major advantage in future development in the U.S. market.
Charles Pimentel, COO of Solar Frontier Americas, said, This transaction will uniquely position Solar Frontier and its new world-class team to execute on the 280 MW pipeline, thereby
strengthening our global presence and allowing us to better leverage our performance advantages to achieve higher returns for our project investors. This also enables our team to build a
more sustainable presence for Solar Frontier in the Americas and will certainly galvanize our existing and future relationships with our partners, suppliers, and end customers.
Solar Frontier has supplied nearly 3 GW of CIS modules to commercial and utility-scale clients around the world. This includes an 82.5 MW solar power plant in California, the largest CIS
installation worldwide. Solar Frontiers development operations in the U.S. will be based in San Francisco, California.
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Source: energy-saving-technologies.blogspot.com
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