Japan’s Itochu takes stake in Norway solar firm

Recycling

Japanese trading house Itochu Corp said it has bought 10% of unlisted Norwegian solar power technology firm Scatec As for ¥1.3 billion ($12.4 million) to join development of solar facilities in Europe.

Itochu Corp already holds a stake in Scatec’s group company Norsun, which is building a plant to produce monocrystalline silicon wafers used in solar cells. The Norwegian group plans to build solar facilities in the Czech Republic, Germany, Bulgaria and other European countries where governments are expanding support for clean energy projects.

The Nikkei business daily on Thursday reported that Itochu would join Scatec to build solar parks in the Czech Republic this year, costing about ¥10 billion. Itochu will also spend some ¥100 billion to develop a solar park in Bulgaria by 2010 to generate 100 megawatts, making it one of the world’s biggest, the paper said. (Reuters)

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