Gintech, CTCI joint venture reportedly begins solar power plant construction in the US


Utech Solar, which is invested in by Taiwan-based solar cell firm Gintech and CTCI Corporation, is said to have begun construction of a 19.5MW solar PV power plant in New Jersey, the US. Construction is expected to be completed by the end of 2012. The market expects the project's internal rate of return (IRR) to be around 15%.

Gintech and CTCI both invested around NT$600 million (US$20 million), about one quarter of the total cost of the plant. Future owners have reportedly been located. If this is the case, the project will generate profits for Gintech upon completion.

Gintech indicated that the project is on-going and should be completed at the end of 2012. Gintech will be involved with other projects.

Japan-based Sharp recently announced a capacity reduction at its polysilicon solar cell facility in Katsuragi, Japan. As one of Sharp's ODM firms, Gintech is likely to benefit.

Utech Solar began its solar business in 2011, mainly focusing on Taiwan. In 2012, the firm has been spreading out to the international market. 

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