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Quantum Fuel Systems Technologies Worldwide Inc. announced that it's German solar photovoltaic (PV) partner Asola has signed an exclusive agreement to establish a joint venture in Morocco.
The joint venture is meant to help Asola ensure availability of solar PV modules in support of the growing demand for renewable energy it is seeing in Northern African countries.
Asola and Moroccan partner Majdaline Holding will build a solar PV module manufacturing facility in Casablanca, with initial capacity of 30 megawatts (MW) and with the potential to generate revenues in excess of US $100 million annually. Asola will hold the controlling stake in this joint venture.
"Morocco has recognized the strategic importance of renewable energy early, and has compiled a law (EEG Morocco), to promote R&D and utilization of clean renewable energy, to improve energy security and protect the environment, while supporting lasting economic and social development of Morocco," said Mohammed Rachad Bouhlal, Morocco's ambassador to Germany.
News date: 15/10/2008