Japanese oil refiner Showa Shell to invest $1.1 billion in solar cell plant
08 Sep 2009
Japanese oil refiner Showa Shell Sekiyu KK said it would invest $1.1 billion to build a new thin-film solar cell plant as it chases First Solar in a growth market.
The Royal Dutch Shell Group company was formed with the amalgamation of Shell Sekiyu K K with Showa Oil Co., Ltd in January 1985.
Showa Shell's ¥100 billion yen plant, which is the company's third solar cell facility, is expected to boost its annual production capacity 12-fold taking it to 980 MW when it comes onstream in the second half of 2011.
Photovoltaic solar system sales have taken a hit following a market downturn that has even hurt low-cost players such as First Solar.
Though a large number of investments have been put on hold , Japanese polysilicon maker Tokuyama Corp has announced investments of $700 million in a solar cell materials plant, while South Korean flat-screen maker LG Display Co plans to invest $41 million in a pilot solar cell line.
Shigeaki Kameda, head of Showa Shell said the company would be able to match First Solar's cost-per-watt in the near future. Though Kameda was not forthcoming on what Showa Shell's cost-per-watt is, First Solar had in February claimed it was able to make solar cells at $1 per watt.
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