| By Donnabelle L. Gatdula (The Philippine Star) Updated March 25, 2011 12:00 AM |
MANILA, Philippines - First Philec Solar Corp. (FPSC) has formed a new subsidiary to handle its first joint venture with a Korean solar company.
The new wholly-owned unit, First PV Ventures, has signed a joint venture with Nexolon of Korea for the construction of a 400-megawatt solar wafer-slicing facility in Batangas.
FPSC president Arthur de Guia said they expect the facility to start operations by the fourth quarter this year.
The agreement is covered by a long-term supply agreement with Nexolon. The plant is expected to generate around 500 new jobs.
The joint venture company, First Philec Nexolon Corp., is the latest addition to First Philec’s investments in the photovoltaic or solar industry.
First Philec’s foray into this industry started in 2008 when it inked a joint venture deal with US-based SunPower Corp. for the first large-scale wafer slicing facility in the country.
In 2010, First Philec created First Philec Solar Solutions (FPSS) to design, develop and manage commercial to utility-scale solar power applications.
FPSS successfully completed its first commercial-scale solar photovoltaic installation in December. It is currently evaluating numerous local systems installation opportunities in different stages of development.
De Guia said FPSS is geared towards exploring both domestic and overseas opportunities in the field of solar installation.
“Our company will keep developing strategic partnerships with technology leaders that will complement the manufacturing excellence and expertise of First Philec,” he said.
“The company will also undertake research and development activities that focus on improvements in technology, process and equipment for the solar industry.”
First Philec is the intermediate holding company for all manufacturing investments of the Lopez-owned energy holding firm First Philippine Holdings Corp. (FPHC).
Through First Philec, FPHC intends to grow its investments in manufacturing to provide a more robust backbone to the country’s economy, founded on technological competitiveness and increased ability to add value to products and manufacturing services for the global market.
The new wholly-owned unit, First PV Ventures, has signed a joint venture with Nexolon of Korea for the construction of a 400-megawatt solar wafer-slicing facility in Batangas.
FPSC president Arthur de Guia said they expect the facility to start operations by the fourth quarter this year.
The agreement is covered by a long-term supply agreement with Nexolon. The plant is expected to generate around 500 new jobs.
The joint venture company, First Philec Nexolon Corp., is the latest addition to First Philec’s investments in the photovoltaic or solar industry.
First Philec’s foray into this industry started in 2008 when it inked a joint venture deal with US-based SunPower Corp. for the first large-scale wafer slicing facility in the country.
In 2010, First Philec created First Philec Solar Solutions (FPSS) to design, develop and manage commercial to utility-scale solar power applications.
FPSS successfully completed its first commercial-scale solar photovoltaic installation in December. It is currently evaluating numerous local systems installation opportunities in different stages of development.
De Guia said FPSS is geared towards exploring both domestic and overseas opportunities in the field of solar installation.
“Our company will keep developing strategic partnerships with technology leaders that will complement the manufacturing excellence and expertise of First Philec,” he said.
“The company will also undertake research and development activities that focus on improvements in technology, process and equipment for the solar industry.”
First Philec is the intermediate holding company for all manufacturing investments of the Lopez-owned energy holding firm First Philippine Holdings Corp. (FPHC).
Through First Philec, FPHC intends to grow its investments in manufacturing to provide a more robust backbone to the country’s economy, founded on technological competitiveness and increased ability to add value to products and manufacturing services for the global market.
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