Japan's Showa Shell subsidiary to invest ¥13 B in solar panel plant
Japan's Solar Frontier K.K. will invest ¥13 billion ($125 million) to build a solar panel plant north of Tokyo.
Bloomberg, citing a statement by Solar Frontier, said that the solar panel plant to be built in the Miyagi prefecture will have an annual production capacity of 150 megawatts (MW). The said plant is expected to begin operations by March 2015.
Solar Frontier's current largest plant is located in the southwestern prefecture of Miyazaki. The Miyazaki plant can produce 900 MW per year, the report said.
Solar Frontier manufactures solar panels using copper, indium, gallium and selenium, known as CIGS. It is a wholly owned subsidiary of Japanese petroleum company Showa Shell Sekiyu K.K., according to a profile by Business Week.
Showa Shell Sekiyu is a subsidiary of Anglo-Dutch multinational oil firm Royal Dutch Shell PLC. Royal Dutch Shell owns a 35% stake in the company, while state-owned Saudi Aramco holds a 15% stake in Showa Shell, Reuters said in a previous report.