Chinese Joint Venture

CNBM, a China state owned industrial group and  Parity Solar, a PV system solution company have announced a joint venture to expand a pV manufacturing facility.     

Under a broad cooperation agreement, the companies will expand Parity's existing PV module manufacturing facility in Zhenjiang, Jiangsu to 500MW of annual production, including thin film and poly crystalline products. The joint venture will also expand upon Parity Solar's global pipeline development efforts by securing new projects in China, Middle East, Africa and South America, where CNBM has a strong presence in glass and concrete manufacturing and engineering.

“CNBM is an ideal partner with its materials businesses and global EPC capabilities. Together, we can access new markets rapidly. There are also tremendous synergies in applying CNBM's solar glass, building material and raw materials strengths to create cost advantages both at the product, and system level” commented Scott Burton, Parity's CEO. He added that “Parity's production base in Zhenjiang is world class, but PV requires big investment and global market access over the long term. CNBM and Parity together have unlimited options and we will be aggressive in becoming a leader in several key areas such as large scale, low cost power stations, BIPV materials and global EPC and project development services”.

Commenting on CNBM's behalf, CNBM Chairman Song Zhiping stated “CNBM has already invested in critical solar raw materials and other PV technology areas. Now, with Parity we have the capability to expand rapidly and apply our capabilities. We will be the leader in China and we will also pursue this goal on a global scale”.

The companies completed the formal merger as of December 1, 2010 following several months of due diligence and government approvals.