Zhonghuan and Rioglass Sign Joint Venture Agreement in China
Rioglass, a manufacturer of high-end solar receivers and mirrors for Concentrated Solar Power and Concentrated Photovoltaic applications, announced today the signature of an agreement to form a joint venture with partner Tianjin Zhonghuan Electronics and Information Group Co., Ltd. (TZG) for the manufacturing and deployment of Rioglass´ receiver and precision mirrors products in the Chinese market. The new company named RioHuan, and based in Hohhot, Province of Inner Mongolia, will operate as a subsidiary of Rioglass Solar Holding and Zhonghuan Group.
The investment is due to reach about 33 million USD and create about 95 full time jobs. It has received all support from the government of Hohhot.
Jose M. Villanueva, Chairman and CEO of Rioglass stated: “This is a natural move for Rioglass. Becoming Chinese and, thus, being placed in the core of the market which is expected to be the fastest growing in the world, was necessary to fulfill our role of global leading supplier of components for the CSP and CPV markets. We are particularly happy with our local partner, the TZ Group, to start this new venture”.
Qin Kejing, vice president of Zhonghuan stated: “We are happy to come into this industry together with Rioglass, and combining Rioglass’s advantages of leading technology, advanced management and rich experience in CSP and CPV field with Zhonghuan’s great market development capability and advantageous resources, we believe our cooperation will be strong and successful”.
China´s solar market is booming and the demand for high-end products of proven suppliers is increasing rapidly. RioHuan will be able to offer bankable products to its Chinese customers to ensure a safe and optimized use for the lifetime of the solar plants. By manufacturing locally, RioHuan will offer the highest performing products against the best price with a long term local commitment essential to its customers.