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08/25/2010 10:55 AM     print story email story  

Matinee Energy Announces Another Korean Partner for California Solar News

Matinee Energy, Inc. added another South Korean partner to its growing partnership for utility-scale solar development in California.

The company signed a Pre-Master Agreement with K&Company Co., Ltd. (K&C)(053590.KS) of Korea to construct a 40-megawatts (MW) power plant at a cost of up to $200 million dollars.

K&C said it also will participate in subsequent phases for expanded capacities of Matinee's California projects.

K&C will join with a group of supply partners, namely, LS Industrial Systems Co., Ltd. of Korea, CHINT Group Corporation of China and Ilyang Engineering & Construction Co., Ltd. of Korea.

The partners intend to establish an engineering and product development center to pursue rapid expansion of solar product lines.

The parties intend to sign a definitive agreement on September 3rd and implement terms of prior Agreements.

K&C has applied entrepreneurship to its development of vertical integration that is integral to solar energy business. Its mining business helped deliver the raw materials that are essential to production of energy chips for more efficient collection of solar energy. The company also supplies materials for solar tracking systems. The Company has expanded in China and Eastern Bloc countries where it has accumulated experience in the installation and operation of energy plants.

CHINT is the largest manufacturer and supplier of power transmission, distribution and control equipment in China as well as measuring and monitoring equipment. CHINT manufactures and markets solar cells, modules, and system integration, and is a global provider of solar PV solutions and thin-film technologies.

LS Industrial Systems Co., Ltd. (LSIS) provides, designs, manufactures, and markets products in four fields: (i) electric vehicle components, (ii) green electric power IT, (iii) new and renewable energy, and (iv) eco-friendly equipment.

In April, Matinee formed a strategic alliance with Korea's formed a strategic alliance with Hyundai Heavy Industries Company Ltd. (Hyundai) and LG Electronics, Inc. (LGERF.PK). The companies agreed to be lead partners in the development of $1 billion worth of solar projects.

In August, Matinee and Hyundai Heavy signed an agreement to build two plants with a combined output of 175 MW of solar power.


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