Dutch utility Delta clearly believes that solar energy is far from a flash in the pan: its subsidiary Solland announced on Tuesday a $736.2 million deal with silicon supplier Renewable Energy, which is set to last until 2015.
Solland Solar, 90% of which was bought by Delta at the start of this year, is extending an already-existing supply agreement with Oslo-based Renewable Energy. The Delta-owned company is in expansion mode, with the hope of expanding solar cell production to 170 megawatts of power per year, from a current level of 60 megawatts.
Renewable Energy is the world's largest producer of silicon wafers, which are the building blocks needed to develop solar cells and solar modules. The company said that the agreement with Solland was a "take-and-pay" contract with pre-determined prices and volumes.
Solland Solar, 90% of which was bought by Delta at the start of this year, is extending an already-existing supply agreement with Oslo-based Renewable Energy. The Delta-owned company is in expansion mode, with the hope of expanding solar cell production to 170 megawatts of power per year, from a current level of 60 megawatts.
Renewable Energy is the world's largest producer of silicon wafers, which are the building blocks needed to develop solar cells and solar modules. The company said that the agreement with Solland was a "take-and-pay" contract with pre-determined prices and volumes.
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Shares in Renewable Energy rose 4 Norwegian kronor (74 cents), or 1.5%, to 273 kronor ($50.28), in Oslo.
"The solar industry is growing," said Erik Thorsen, chief executive of Renewable Energy. He told Forbes.com that the sector had grown 40% annually over the last six years, and that the growth curve would likely continue at this pace.
Demand for alternative energy is being driven by the bleak outlook for non-renewable fuel supplies such as oil. Fears of tightening supplies, peak oil, energy dependence and of limitless demand from emerging titans like China have all contributed to the search for more reliable alternatives.
American companies like First Solar, Sunpower and Evergreen Solar have also benefited from the increasing acceptance of solar energy as a viable alternative. The European Union aims to have 21% of its energy produced by renewable resources by 2010, and First Solar and Trina Solar both announced deals with European utilities earlier this year.
Via: Forbes| by Lionel Laurent
"The solar industry is growing," said Erik Thorsen, chief executive of Renewable Energy. He told Forbes.com that the sector had grown 40% annually over the last six years, and that the growth curve would likely continue at this pace.
Demand for alternative energy is being driven by the bleak outlook for non-renewable fuel supplies such as oil. Fears of tightening supplies, peak oil, energy dependence and of limitless demand from emerging titans like China have all contributed to the search for more reliable alternatives.
American companies like First Solar, Sunpower and Evergreen Solar have also benefited from the increasing acceptance of solar energy as a viable alternative. The European Union aims to have 21% of its energy produced by renewable resources by 2010, and First Solar and Trina Solar both announced deals with European utilities earlier this year.
Via: Forbes| by Lionel Laurent
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