Chinese firms sign solar power deals in Greece

Jun 06, 2011
Solar panels in Germany are shown. Two Chinese energy firms signed deals totalling 2.8 billion euros aimed at boosting Greece's use of solar power, a Chinese trade association announced.

Two Chinese energy firms signed deals totalling 2.8 billion euros aimed at boosting Greece's use of solar power, a Chinese trade association announced Monday.

"The cooperation in in Greece has a brilliant future, because Greece is very advantageous in solar energy and sunshining," said Zhang Yujing, head of the China Chamber of Commerce for Import and Export of Machinery and (CCCME).

Chinese energy group Dongfang, based in Chengdu, has signed a deal with Greek firm DTS, for a "long-term strategic cooperation" on two projects, said the Greek group's chairman Vassilis Dritsas

The first project is to produce 250 and the second is for 750 megawatts, Dritsas added, for a total 2.5 billion euros ($3.7 billion).

A separate deal was signed between SinoSolar, which has already landed seven projects in Europe, and Fyllo Energy for the production of 110 megawatts of electricity for a 35 million euros investment, said SinoSolar executive Xin Ma.

"The weather is very good, high temperatures and the sunshine is very strong, which is good for solar energy. The logistic here (in Greece) is very good," said Ma.

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zevkirsh
3 / 5 (2) Jun 06, 2011
more chinese malinvestment. their banks are leveraged at over 100 to 1. recently the centralized beijing government bailed out a massive number of state regional banks. this bubble of malinvestment occurs because the high ranking officials that arrange deals are compensated for making loans and not expected to share in the risk of failure if the deals explode in the future.

needless to say, greek commitments to pay for anything in the long term will not be entirely honored and will be altered as greece goes through a restructuring, or alternately , when the greeks have been sufficiently impoverished they will refuse to pay taxes and over throw their own government.

china's investments will be trashed but , since there are always side benefits, i'm all for it. better than investing in non-renewables for sure.
Lord_jag
5 / 5 (2) Jun 07, 2011
Anything that furthers mass production of solar panels is good in my books. As soon as the falling cost per MW passes the rising cost per MW of coal and fuel, the world will change quite dramatically.