The new company, Isofotón Lishen New Energy (Tianjin) Co. Ltd, based in the city of Tianjin, intends to install photovoltaic projects totaling 150 megawatts, both in China and abroad.
A spokesperson for Isofotón tells pv magazine that while no project specifics can be released, the majority of the pipeline will be installed in China, and will utilize both photovoltaic and high concentrating photovoltaic (HCPV) technology.
They add that details of the first photovoltaic project, which has been signed, will be announced next week.
According to a statement released today, state-owned CNOOC (China National Offshore Oil Corp.), the third largest oil company in China, will invest up to US$300 million in the pipeline and bring its battery development technology to the table. Isofotóns contribution, meanwhile, will be its technology.
The Spanish company currently does not have a module manufacturing base in China, although it does produce a range of solar trackers there. However, the spokesperson did not rule out the possibility that facilities will be established in the country in the future.
President Ángel Luis Serrano of Isofotón commented, "Working in China with the support of a leading company in the energy sector will allow us to enter China through the front door and take advantage of the favorable regulatory framework set by the government of China, where it is estimated that 15 GW could be installed in the next three years."
CNOOC, meanwhile, has said the JV will allow it to take advantage of Isofotóns international, and in particular, European, market knowledge.
Overall, Isofotón has a one gigawatt solar pipeline, which it plans to complete in 2012 in the U.S., Latin America and Europe. In December, it completed a 100 kilowatt HCPV plant in China’s Golmud.