As per the agreed terms, Hareon, a maker of solar cells and modules, will provide its project management, engineering and procurement expertise for the development of the solar cell manufacturing facility.
Mascotte noted that the signed MOU has the scope of getting automatically renewed for an additional one year term, if it is not terminated.
In addition, both the companies have agreed to develop solar power projects. The details of the investments are undisclosed, the company said.
Mascotte, an investment holding company, engages in manufacturing solar grade polycrystalline silicon. It is also involved in the investment and trading of securities; provision of loan financing services; rental of properties; and manufacture of accessories for photographic products.
Hareon Solar Technology manufactures and markets crystalline silicon solar cells and modules in China. The company engages in the research and development, production, and sale of silicon rods, wafers, cells, and components; and the investment and operation of solar power plants.
