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CNOOC, Spain's Isofoton to start solar power plant

Feb. 3, 2012 (China Knowledge) - China's largest offshore oil producer China National Offshore Oil Corp or CNOOC Ltd<0883><CEO> plans to spend US$300 million to build a solar power plant in Tianjin with the cooperation of Spain-based solar company Isofoton SA.

According to the plans, CNOOC will set up a joint venture, named Isofoton Lishen New Energy, with the Spanish firm via a subsidiary Tianjin Lishen Battery Joint-Stock Co Ltd.

Tianjin Lishen Battery Joint-Stock will own a 51% stake in the JV, while Isofoton will have the remainder.

The JV will be formally launched in March or April to operate the proposed 150-megwatt solar power plant, said Isofoton CEO Angel Luis Serrano.

Founded in 1981, Isofoton has developed solar power projects in more than 60 countries, sources reported.

Analysts said China is estimated to have new solar capacity of more than 3 gigawatts this year, or equivalent to the country's total solar capacity at the end of last year.

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