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First Solar strengthens partnership with Belectric
First Solar and Belectric Holding, has launched a Joint Venture that will realize solar energy projects on three continents.
The JV - PV Projects GmbH & Co. KG - is based in Germany and will be tasked with developing selected photovoltaic (PV) power projects independently acquired or developed by either of the two companies in Europe, North Africa, as well as projects of fewer than 20 megawatts (MW), in the United States. Under the terms of the JV - which is subject to approval from the relevant governmental merger control authorities - First Solar will supply its thin-film modules, selected components such as the First Solar Tracker and value-added services; while Belectric will provide its Balance of Systems (BoS) and a range of service capabilities. Both companies’ engineering, procurement and construction (EPC) contributions will vary by project and geography. “With its industry-leading capabilities, this joint venture will ensure that our individual project obligations are delivered to the highest standards,” said Jim Hughes, First Solar’s Chief Executive Officer. “First Solar and Belectric share a long history of excellence and we are confident about the future of this initiative, which is based on a firm foundation of mutual trust, expertise and a track record that is unrivalled in the solar energy industry.” “We are happy to celebrate this important new milestone in our long-term partnership with First Solar,” said Bernhard Beck, Chief Executive Officer of Belectric Holding. “By joining forces to create a world-class project delivery platform, we hope to strengthen both companies’ relationships with key stakeholders including project developers and investors at a time when prices of electricity from solar power plants can already compete with the prices for conventionally generated electricity in a growing number of regions.”
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