Solar cell maker Neo Solar Power Corp (新日光) yesterday said that it plans to spend up to NT$600 million (US$18.92 million) in a new joint venture to invest in solar power plants in Taiwan.
The move came as the government is stepping up its efforts to develop “green” energy, such as solar power and wind power, to reduce reliance on nuclear power.
It also marks Neo Solar’s latest effort to expand into the solar power plant business to minimize risks from the volatile solar cell industry.
The joint venture is expected to start its operation later this quarter at the earliest, Neo Solar said.
Neo Solar is to hold up to a 40 percent stake in the new company, which is to be capitalized at NT$1.5 billion, while the rest of shares are to be held by potential partners, including investment agencies or financial services providers, according to the company’s filing with the Taiwan Stock Exchange.
Neo Solar operates solar power plants that have a total capacity of about 100 megawatts via its 70 percent-owned subsidiary General Energy Solutions Inc (永旺能源).
General Energy operates solar power plants in western Europe, Africa, Latin America, the Middle East and Southeast Asia.
In related news, Neo Solar’s board yesterday also approved a US$34 million investment in Greenskies Power Group LLC in the US.
In addition, the board gave the go ahead for a company succession plan, with chairman Quincy Lin (林坤禧), 67, passing the torch to 66-year-old chief executive officer Sam Hong (洪傳獻).
Lin, who was re-elected as chairman in June, will keep his seat on the board and remain as chief strategy officer, as he wants to focus on creating synergies between Neo Solar and its subsidiaries, the company said.
Lin is to remain the chairman of General Energy and V5 Technologies (倍利科技).
V5 Technologies develops video processing solutions and services such as intelligent traffic solutions.
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