ITOCHU Invests in Solar Energy Company NorSun

ITOCHU Corporation will invest US$8.47 million in solar energy company NorSun AS (Oslo, Norway), which is planning to set up a plant in Ardal, Norway, in the beginning of 2008 for the production of monocrystalline silicon wafers for solar cells.

NorSun plans to expand to a production capacity of 430 megawatts (MW) by 2010. ITOCHU will strengthen collaboration with other capital investors in NorSun, including resource companies, funds and investment banks, and with NorSun’s customers, largely solar cell manufacturers. NorSun was established in December 2005 by Dr Alf Bjorseth, who is a founder and former CEO of the Renewable Energy Corporation ASA (REC), one of the world’s largest manufacturers of solar-grade silicon and multicrystalline wafers.
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