Parent of Taiwan's Foxconn enters solar power

January 26, 2011

The parent of Taiwanese IT giant Foxconn will pay over $130 million to become the major shareholder in a solar cell company as part of a plan to expand into renewable energy, officials said Wednesday.

Hon Hai Precision plans to spend Tw$4.04 billion ($137.88 million) on a 45 percent stake in debt-ridden Taiwanese firm E-Ton Solar Tech, the two companies said in separate statements.

"The investment is in line with Hon Hai's new development policies targeting green energies," Arthur Huang, a Hon Hai spokesman, told AFP.

The investment will turn Hon Hai into E-Ton's single biggest shareholder, according to E-Ton spokesman Lo Lai-huang.

Hon Hai, the world's biggest electronic components maker, is a major supplier to brands such as Apple, Dell and Nokia.

Hon Hai's fresh move came after the island's chip giant Taiwan Semiconductor Manufacturing Co announced earlier this month it had teamed up with German firm Centrosolar to produce solar modules.

E-Ton reported a deficit of Tw$2.5 billion in the nine months to September mainly from losses on an investment in Adema Technologies, a US-based maker of components for the solar industry.

Taiwan has estimated its solar energy industry will be worth up to Tw$200 billion ($6.66 billion) by 2020.

The island's parliament has passed a major bill aimed at adding between 6,500 and 10,000 of installed energy from over the next 20 years.

Explore further: Taiwan plans massive growth in solar energy

Related Stories

Taiwan plans massive growth in solar energy

December 4, 2009

Taiwan plans to boost its use of solar panels by a factor of 200 over the next decade and a half in an effort to increase clean energy, a ranking official said Friday.

Taiwan chip giant TSMC to enter solar energy

December 10, 2009

Chip giant Taiwan Semiconductor Manufacturing Co. is planning its first foray into solar energy with an investment in the island's largest producer of solar cells, a spokesman said Thursday.

Taiwan unveils Asia's biggest solar plant: govt

December 23, 2009

Taiwan has unveiled what it calls Asia's biggest solar power plant as the island, which imports almost all its energy, seeks to tap into clean renewable resources, the government said Wednesday.

Taiwan Cement plans large solar power plant

October 11, 2010

Taiwan largest cement maker plans to build a large solar power plant, the company and local media said Monday, confirming a trend for the island's companies to focus increasingly on green technologies.

Recommended for you

Interactive tool lifts veil on the cost of nuclear energy

August 24, 2015

Despite the ever-changing landscape of energy economics, subject to the influence of new technologies and geopolitics, a new tool promises to root discussions about the cost of nuclear energy in hard evidence rather than ...

Smart home heating and cooling

August 28, 2015

Smart temperature-control devices—such as thermostats that learn and adjust to pre-programmed temperatures—are poised to increase comfort and save energy in homes.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.