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Northern Africa's Growing Appetite For Solar
Irvine CA (SPX) Oct 14, 2008 Quantum Fuel Systems Technologies Worldwide has announced that it's German solar photovoltaic partner Asola has signed an exclusive agreement to establish a joint venture in Morocco, to ensure availability of solar photovoltaic modules in support of the growing demand for renewable energy in Northern African countries. Asola and the Moroccan partner Majdaline Holding will implement a solar module manufacturing facility in Casablanca, with initial capacity of 30 MW (megawatts of peak power) solar modules, with a potential to generate revenues in excess of $100 Million annually. Asola will hold the controlling stake in this joint venture. "In view of the rising demand for energy, the high price of oil and shrinking reserves, many countries are facing the challenge of developing alternative energy sources and prioritizing their utilization. Morocco has recognized the strategic importance of renewable energy early, and has compiled a law (EEG Morocco), to promote R and D and utilization of clean renewable energy, to improve energy security and protect the environment, while supporting lasting economic and social development of Morocco," commented His Excellency Mohammed Rachad Bouhlal, Morocco's ambassador to Germany, Mr. Elbied, CEO and President of Majdaline Group and Dr. Ayaita, Professor of Electrical Engineering, University of Kassel, Germany, in a joint statement. "We are impressed by Quantum and Asola and their extensive background in clean and renewable energy systems and look forward to a long- term collaboration with them." "Our business model of centralized technology development and global procurement, coupled with local manufacturing, is an attractive solution for Morocco", said Reinhard Wecker, Founder and CEO of Asola. "We are pleased by the support and backing of the Government of Morocco for this joint venture, which will open the door to the growing solar markets in Northern Africa." Quantum and Asola have recently announced tripling of the plant capacity in Germany and also expansions into Korea and Italy. Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure". Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around the world (i.e. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum. Related Links Asola All About Solar Energy at SolarDaily.com
India's humble rickshaw goes solar
New Delhi (AFP) Oct 13, 2008It's been touted as a solution to urban India's traffic woes, chronic pollution and fossil fuel dependence, as well as an escape from backbreaking human toil. |
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