First Solar To Invest $100 Million Into Japanese Solar
Japan hasn’t been a target market for companies like First Solar, due in part to the country’s reliance upon nuclear technology. However, as Japan attempts to move herself away from reliance upon nuclear — in the wake of the Fukushima Daiichi nuclear disaster of 2011, and in the face of public and international pressure — First Solar announced on Friday that they would be investing approximately $100 million in Japan to develop solar power plants.
“At First Solar, we invest in markets where solar power addresses a fundamental need on a sustainable basis. Japan is adopting a progressive approach by incorporating clean, safe, renewable sources of power in its plans to address the gap created by idle nuclear power,” said James Hughes, CEO, First Solar. “First Solar has proven solutions to support Japan’s vision of energy security and economic growth, and we will continue to invest here as part of our strategy to develop sustainable solar markets.”
First Solar plans not only to invest in their own solar development in Japan, but plan to “partner with Japanese companies to develop, construct, and operate solar power plants.”
The company believe that this investment will help Japan mitigate their “dependence on nuclear and natural gas fuel imports.”
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First Solar record on their website a total of 20 projects worldwide, including 14 in America but only 2 in Asia. According to their third quarter 2013 financial results, First Solar noted that they had “delivered on several key objectives, including additional books of 860 MW.”
“First Solar is the world’s largest developer of solar power plants, and a global leader providing solar technology solutions,” said Joseph Kishkill, First Solar’s Chief Commercial Officer on the announcement of their Japanese investment. “We plan to invest in Japan by developing solar power plants both with our own team and through local partners. We believe this strategy will accelerate the adoption of clean and safe solar power in Japan. We welcome partnerships with Japanese companies who seek project investments and complete solar solutions.”
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