Wednesday, August 25, 2010

Toshiba plans solar power push in Europe, US

TOKYO: Japan's Toshiba Corp said it plans to launch solar power projects in Europe and the United States, hoping to generate ''150 billion (RM5.59 billion) in overseas sales from solar power operations in the year to March 2016.

Toshiba will initiate the push with the CONSTRUCTION [] of a 10 megawatt Bulgarian facility scheduled to come on stream next financial year.

The firm is also weighing forays into Italian and US markets and aims to use its expertise in solar power plants to tap demand for smart-grid infrastructure, a market poised to grow worldwide, a Toshiba spokesman said.

Toshiba sees the solar power business as one of its growth areas and is targeting combined sales of ''200 billion from domestic and overseas operations in the financial year ending in March 2016.

The plant in Yambol, Bulgaria, is expected to cost about ''4 billion to build and will have the capacity to power about 2,000 households.

Instead of owning the plant outright, Toshiba will sell it to local financial funds and other investors.

Toshiba plans to be build eight large solar power plants a year in Europe alone in 2015 and may consider local acquisitions of firms with construction knowledge, the spokesman said.

Toshiba shares fell 0.7% to ''406 on Wednesday morning, Aug 25, in line with the benchmark Nikkei average. ' Reuters

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