JV Launched to Address Commercial & Industrial Self Generation Market Potential
First Solar, Inc. (Nasdaq: FSLR) and OrionGroup International, Inc announced the launch of a Philippine Joint Venture (JV) - FSO Energy Solutions, Inc (FSO), that will realize solar energy projects in the commercial and industrial market space through power purchase agreements.
"It is a privilege to work with First Solar who is a global leader with a successful track record over the years in photovoltaic (PV) solar systems. They elevate the standards of PV installations and we embrace that same approach in the Philippines. We are here to capitalize on our strengths for the clients. Our business strategy is to provide the best product offerings and services as we strengthen our market reach in the Philippines. " said Engr. Rynor G. Jamandre, Executive Vice President, OrionGroup International, Inc.
OrionGroup's solar solutions have powered hotels, hospitals, golf courses, offices, factories and houses all over the country. Its flexible financing solutions allow customers to own renewable energy systems without any down payments.
Through FSO, First Solar and OrionGroup will focus on providing large commercial and industrial customers with electricity through long-term agreements. FSO will provide a fully integrated renewable energy package that will create compelling value for our customers.
Jack Curtis, First Solar's Regional Manager for Asia Pacific, said, "We are delighted to be collaborating with OrionGroup to address the demand of commercial and industrial consumers in the Philippines who are looking for an alternate energy source that is reliable, less volatile in price, and lower in cost."
"With tremendous experience, an established footprint, and engineering and technology integration capabilities, OrionGroup is the ideal partner to accelerate the adoption of PV technology in the commercial and industrial space. This initiative will help to address the gap in demand-supply imbalance caused by various factors like grid supply, costly alternate diesel power and rising electricity costs." Mr. Curtis added.
A vertically integrated solar energy company, with 10 GW installed worldwide, First Solar brings international experience and established technology leadership. The collaboration will combine the best of both company's capabilities to increase the number of commercial and industrial PV installations in the Philippines. It will also provide a reliable alternative source of power generation to an energy constrained country.
Source: First Solar, Inc./investor.firstsolar.com