First Solar will establish new solar power plants in Japan with an investment of about $100m.
US-based solar panels manufacturer will collaborate with the Japanese companies to develop, build, and operate solar power plants, which are expected to reduce the country’s dependence on the nuclear and natural gas fuel imports.
First Solar CEO James Hughes said the company invests in markets where solar power addresses a fundamental need on a sustainable basis.
"Japan is adopting a progressive approach by incorporating clean, safe, renewable sources of power in its plans to address the gap created by idle nuclear power," Hughes added.
"First Solar has proven solutions to support Japan’s vision of energy security and economic growth, and we will continue to invest here as part of our strategy to develop sustainable solar markets."
First Solar expects Japan to become an important solar market owing to the growing energy demand, while the government-set target to install 28GW by 2020.
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By GlobalDataFirst Solar chief commercial officer Joseph Kishkill said the company plans to invest in Japan by developing solar power plants both with its own team and through local partners.
"We believe this strategy will accelerate the adoption of clean and safe solar power in Japan," Kishkill added.
"We welcome partnerships with Japanese companies who seek project investments and complete solar solutions."
Earlier, First Solar had established a Japanese operating subsidiary called as First Solar Japan GK and also opened an office in Tokyo, in order to capitalise on the growth opportunities in the country.
The company undertakes development, engineering, procurement and construction of solar power plants.
