Feb 26 2008
ET Solar Group Corp., a Nanjing-based integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced today a framework collaborative agreement with Spain-based Meca Solar, one of the largest global state-of-the-art manufacturers of solar tracker systems.
Under the Agreement, Meca Solar will (1) provide technical and technological support and assistance for ET Solar's tracker design and manufacturing, and provide installation training for ET Meca dual-axis projects; and (2) become a minority shareholder of ET Solar. Additionally, with guidance of Meca Solar, ET's engineering staff will become authorized and certified installation technicians
Commenting on the Agreement, Xinghua Wang, CEO and President of ET Solar said: "With our on-going sales over the past 12 months and a recent additional 10MW contract for 2008 with OPDE (Meca Solar's parent company), and now a strong strategic tracker manufacturing partnership with Meca Solar, I have every reason to believe that future opportunities between the two organizations are abundant.
"The strategic investment of a leading foreign system integration company into a fast growing Chinese solar company like this transaction is totally unprecedented. This is an important milestone for ET Solar, staying on the cutting edge of technology, as China becomes the world's largest producer of solar components and equipment.
"With successful projects dating back half a decade, Meca Solar is currently one of the global leaders of dual-axis tracker projects, achieving turnkey utility scale solar systems as a tracker manufacturer, integrator/installer, system financier and maintenance company.
"With such an experienced global partner, ET Solar will be catapulted into the burgeoning tracker market, offering trackers to our existing portfolio of products available to our global customer base. By focusing on downstream system integration products, ET Solar is keeping in step with our anticipated long term corporate growth strategy."
Commenting further, CEO of OPDE/Meca Solar, Alejandros Chave, added: "We are pleased to be expanding our existing business relationship with ET Solar. This is a very substantial strategic partnership and we look forward to supporting ET Solar with on-going technical and technological support. We have big plans in the near future and look forward to implementing them. I have no doubt that both parties will benefit from this partnership greatly."