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30 March 2015

Solar Frontier acquiring 280MW US project pipeline from Gestamp Solar

Tokyo-based Solar Frontier - the largest manufacturer of CIS (copper indium selenium) thin-film photovoltaic (PV) solar modules - has agreed to acquire a 280MW solar power project pipeline in the USA from Gestamp Solar of Madrid, Spain (the photovoltaic energy division of Gestamp Renewables), a global developer and operator of utility-scale solar power plants.

As part of the transaction, the development team leading Gestamp Solar's US operations will join Solar Frontier's US subsidiary Solar Frontier Americas. Solar Frontier has already established itself as a project developer in Japan, where it sells completed solar power plants to investors. Through this transaction, it is now bringing these broader market solutions to the USA, providing it with a catalyst to scale business in the Americas.

"The US downstream expansion is part of Solar Frontier's growth strategy to accelerate our business in key global markets through 2015 and beyond," says Solar Frontier's Atsuhiko Hirano. "The company has achieved world-class production costs and delivered exceptional product performance in Japan, a country recognized globally for demanding the highest quality in solar," he adds. "We plan to bring that same quality and performance to our fully integrated business in the US and the Americas." 

Backed by the $13bn multi-national industrial holding group Corporacion Gestamp, Gestamp Solar has projects in Spain, Italy, France, South Africa, Mexico, Japan, Peru, Chile and the USA. It has developed more than 600MW worldwide and, most recently, commissioned projects that include 30MW in South Africa and 40MW in Peru.

"Solar Frontier's financial strength and high-performance products - combined with the experienced development team - is sure to enable successful completion of this US pipeline," reckons Gestamp Solar's CEO Jorge Barredo Lopez. "We believe that this vertical integration is a major advantage in future development in the US market," he adds. 

"This transaction will uniquely position Solar Frontier and its new world-class team to execute on the 280MW pipeline, thereby strengthening our global presence and allowing us to better leverage our performance advantages to achieve higher returns for our project investors," says Solar Frontier Americas' chief operating officer Charles Pimentel. "This also enables our team to build a more sustainable presence for Solar Frontier in the Americas."

Solar Frontier has supplied nearly 3GW of CIS modules to commercial and utility-scale clients around the world, including an 82.5MW solar power plant in California (the world's largest CIS installation). Solar Frontier's development operations in the USA will be based in San Francisco. 

Tags: Solar Frontier CIS thin-film PV modules

Visit: www.gestampsolar.com

Visit: www.solar-frontier.com

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