Solid Group Inc. has announced a $40 million joint venture with Singaporean-based MSRenewable Investment Holding Ltd. to establish a solar photovoltaic manufacturing facility in the Philippines. Solid Group’s wholly owned subsidiary, Brilliant Reach Ltd., will contribute $20 million for a 50% stake in the venture.
The investment will consist of an $8 million cash infusion from Solid Group and $12 million from Brilliant Reach’s existing reserves. The facility will focus on the production of solar PV cells, modules, and related products, primarily catering to export markets.
The specific location of the facility, its production capacity, construction schedule, and target operational date have not yet been disclosed. Solid Group stated that this venture aims to diversify its investments and create new long-term revenue opportunities as the demand for renewable energy continues to increase.
Sources of Solar Investment Singapore
- Solid Group teams up with Singaporean investors for ₱2.5-billion solar panel factory in Solar Investment Singapore
- Elena Lim’s Solid Group takes half of a $40-million solar cell plant with a Singapore partner in Solar Investment Singapore
- Solid Group to invest $20min solar module joint venture in Solar Investment Singapore
- Solid Group forms joint venture for solar manufacturing in Solar Investment Singapore
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