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Neo Solar to take equity stake in Blue Chip Energy’s 120MW PV project

5 Oct 2011

Austrian solar developer Blue Chip Energy (BCE) has signed a letter of intent with Taiwan-based photovoltaic (PV) cell manufacturer Neo Solar Power for an equity participation in BCE’s 120MW Sorrento project.

Under terms of the agreement, Neo will contribute at least 10MW of cells in exchange for a stake in the development which is under construction in Lake County, Florida. BCE manufacturing subsidy Advanced Solar Photonics will convert the cells into panels for the plant.

The deal marks a new kind of business model for the solar industry in the US as it is financed by the manufacturers, rather than financial institutions, and is going forward without the guarantee of power purchase agreements.

Yongshuang Wang, vice president of strategic development for BCE, said, ‘We are delighted to be working with Neo as a partner. They are one of the largest cell producers in the world, their product is top quality and, most importantly, Neo Solar Power’s executive management understands that to truly thrive in the PV industry, it is necessary to put your product to work in project generating electricity revenue.’

At the end of last year, Neo signed a three-year agreement to supply Chinese company ET Solar with cells that have combined capacity of 370MW.

Copyright © 2011 NewNet

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