SolarWorld may invest S$300m in 2 solar plants in Singapore
By Tung Shing Yi, Channel NewsAsia, 27 April 2007
Source: Chanel NewsAsia
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/272911/1/.html
SINGAPORE : German-based energy firm SolarWorld is considering investing S$300 million in two solar plants in Singapore, over the next two years. SolarWorld is the world’s third largest solar energy company, and it received the International Headquarters award from the Economic Development Board (EDB) on Friday.
SolarWorld is eager to tap into the rapidly growing Asia Pacific solar energy market, which it said was expanding at an annual rate of 40 to 50 percent. That makes it the second fastest-growing market globally, after the United States. It is planning to invest S$300 million in two solar module and cell production plants in Asia – either in Singapore, or South Korea.
Frank Asbeck, CEO, SolarWorld, explained, “Our plans for Singapore will be: we start with distribution, with building integration after that, and then we might produce the solar modules (here). “Of course Singapore is in hard competition with Korea… but we (will) consider very seriously, to produce 30, maybe 60 megawatts per year in Singapore for the Asian market.”
SolarWorld is forecasting the solar energy industry will reach an annual turnover of US$200 billion by 2012 – when parity between the price of electricity and solar energy is attained. Solar energy is a key part of the EDB’s drive to develop Singapore as a centre for clean energy. Last month, the EDB said it would pump S$350 million over the next five years, as part of its plan to go green. – CNA/ms