Asola to set up solar factory in Morocco

Isseroda, Germany-based Asola Advanced and Automotive Solar Systems announced today that it signed an agreement to establish a joint venture in Morocco to build a solar module manufacturing facility in the country.

Asola is teaming up with Morocco's Majdaline Holding for the plant, which is expected to have an initial capacity of 30 megawatts of solar module per year.

Asola said the new facility, to be located in Casablanca, has the potential to generate revenues in excess of $100 million annually.

"Our business model of centralized technology development and global procurement, coupled with local manufacturing, is an attractive solution for Morocco," said Reinhard Wecker, founder and CEO of Asola, in a statement.

"We are pleased by the support and backing of the government of Morocco for this joint venture, which will open the door to the growing solar markets in Northern Africa."

Asola will hold the controlling stake in the joint venture.

Last month, the solar company signed a memorandum of understanding to establish a joint venture manufacturing plant in South Korea (see Asola to go solar in South Korea).

Asola is working with South Korea's Quality & Technology Korea for that manufacturing venture, expected to have an initial capacity of 30 MW of solar modules per year.

Asola is the solar photovoltaic partner of Irvine, Calif.'s Quantum Fuel Systems Technologies Worldwide (Nasdaq: QTWW), which holds a 25 percent stake in Asola.