May 10, 2011 / 10:12 AM / in 8 years

First Solar, CPINE to cooperate on solar projects in China, U.S.

BEIJING (Reuters) - First Solar, Inc, and China Power International New Energy Holding Ltd (CPINE), a wholly owned subsidiary of China Power New Energy Development Co Ltd (CPNE), have agreed to collaborate on solar photovoltaic projects in China, the United States and other international markets, the two companies said in a statement on Tuesday.

First Solar and CPINE will initially explore collaboration on solar photovoltaic projects in China, and will identify investment opportunities for CPINE in the United States and other global markets, the two companies said.

“This cooperation leverages our advantages in the domestic solar power industry, and helps First Solar further expand its business presence in China. In addition, we are happy to explore other cooperation opportunities in different areas and through different methods with First Solar, working together to further expand in the global market,” Li Xiaolin, chairwoman of China Power International, CPNE and CPINE, said in the statement.

CPINE is a subsidy of China Power International Holding Ltd, the main listed arm of China Power Investment Corp, one of China’s five major state-owned power producers.

“This agreement can serve as a model for U.S.-China collaboration on renewable energy,” TK Kallenbach, President of First Solar’s Components Business Group, said in the statement.

Arizona-based First Solar, which makes the world’s lowest cost thin-film solar modules, is the largest solar company by market value.

Reporting by Wan Xu and Ken Wills

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