New Partner Found for Itarion Solar

Centrosolar has announced a new investment partner for the building of a new solar PV manufacturing plant in Portugal.

With the support of the Portuguese state, negotiations with financing banks and a new partner for the planned cell plant, located near Porto in Portugal, has cleared the way for the transfer of a 51% interest in the development from struggling Qimonda to the new investor, which includes Portuguese energy group Energias de Portugal (EDP).

The continuation of Itarion Solar and the development of the new plant are thus assured, says Centrosolar, which holds the remaining 49% interest. It says it will be able to meet approximately one-third of its demand for solar cells through Itarion, on attractive terms.

The new partner is a consortium comprising EDP, the state investment company Inovcapital, the banks Banco Espírito Santo, Banco Comercial Português and Banco Privado Atlântico, as well as the project developer DST Renováveis and the Visabeira Group, which is active in infrastructure industries.

The opening of the first solar cell plant in Portugal is scheduled for the first quarter of 2010.

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