News Article
ISOFOTON Strengthens Presence In China
ISOFOTON President àngel Luis Serrano and Qin Xin Cai, President of TIANJIN LISHEN JOINT-STOCK BATTERY CO., have signed an agreement that establishes a joint venture based in Tianjin. The new company, called ISOFOTON LISHEN New Energy (Tianjin) Co., Ltd., will develop PV projects totalling 150 MW. CNOOC will invest up to $300 million USD in the projects.
The Chinese oil company´s attention was drawn to ISOFOTON for its projects, such as the high concentration photovoltaic plant in Gormud, China and its service stations for electric vehicles powered by clean energy. The latter project uses technology from Spanish train infrastructure company ADIF, called Ferrolinera, that harnesses train braking and traction, in addition to solar energy from ISOFOTON panels. ISOFOTON´s agreement with CNOOC is very important in fulfilling its strategic plan, which includes China as key market for international growth.
China National Offshore Oil Corp. is a state-owned Chinese oil company and the third largest in the country. Commenting on the agreement President Serrano of ISOFOTON said: "It´s a great honour for us to have been chosen by CNOOC as partners. Working in China with the support of a leading company in the energy sector will allow us to enter China through the front door and take advantage of the favourable regulatory framework set by the government of China, where it is estimated that 15 GW could be installed in the next three years."
