Tek Seng invests in solar PV plant - TEK SENG HOLDINGS BHD TEKSENG (7200)
The company is currently building a RM94 million plant in Bukit Minyak Science Park on the mainland of Penang, which is expected to begin production in the first quarter of next year, according to Tek Seng Group Executive Chairman, Loh Kok Beng.
Loh said the project to be undertaken by its new 60%-owned subsidiary, TS SolarTech Sdn Bhd would start to operate one production line for 60MW solar PV cells in 2012 followed by another line the following year and two additional lines for each of the three years from 2014, with a target to have eight lines by 2016.
A leading German solar power player, Schmid, is the technology partner for the new venture.
TS SolarTech expects to generate 50% of its solar business from the export market while the balance is from the Malaysian market.
Loh said the total production capacity for photovoltaic cells in Malaysia is expected to touch 360MW in 2015, recording a compound annual average growth of 88% from the 29MW this year, adding that Malaysia is well-placed to raise its global market share to 17% by 2020.
In Asia, the production of solar PV cells is expected to expand by 85% this year compared with 80% in 2010 while worldwide production has expanded to 20.5GW last year up from 9.86GW in 2009.
Adapted from StarBiz 1 July 2011 and Tek Seng website
