USA - Suntech Power ( http://www.suntech-power.com ) bought a panel installer EI Solutions, setting up a joint venture with MMA Renewable Ventures to boost U.S. sales. EI Solutions based in California designs and installs solar systems in the U.S., including a 1.9MW array at Google`s headquarters.
The joint venture named Gemini Solar Development finance, own and operate solar power systems of 10MW or more, and sell the electricity to utilities and large consumers, Suntech based in China. Suntech`s foray into installing and owning solar systems marks a shift for Chief Executive Officer Zhengrong Shi, who has said he doesn`t want to compete with customers that use the company`s solar power modules.
"Suntech views the long-term prospects for the U.S. solar market as excellent and growing,`` Shi said in the statement. He forecast the U.S. will become the world`s largest market for solar energy within several years,`` overtaking Germany and Spain.
U.S. federal incentives to increase production of renewable energy such as solar, wind and geothermal power were included in a tax portion of a $700 billion financial market rescue package approved by the Senate. The tax credits are set to expire this year.