Vitec, ReneSola Set Up Venture to Make Solar Panels in Japan

Feb 20, 2014 12:27 am ET

Feb. 20 (Bloomberg) -- Vitec Co., a Japanese trading company that specializes in semiconductor products, will start making solar panels in Japan with China’s ReneSola Ltd. from April, Vitec said in a statement today.

The partners were prompted to come together to set up a factory as some Japanese municipalities require locally-made panels to be used for projects, Hiromu Fujita, a Vitec official, said by phone today.

Fujita confirmed a report by the Nikkei newspaper that said Vitec holds 51 percent in the venture and ReneSola and Sun-s Co., a Hiroshima-based maker of semiconductors and solar panels, the rest.

The plant will have the capacity to produce 80 megawatts of panels a year, according to Fujita. Tokyo-based Vitec has six solar power stations across Japan at present, with a combined capacity of more than 10 megawatts.

Separately, ReneSola said last month it won a contract to supply 420 megawatts of products to a project in Japan, its biggest order from the country.

--Editors: Abhay Singh, Jason Rogers