To be set up in Munich, Germany, will concentrate primarily on project development, investment, financing, engineering, procurement and construction of PV power plants across Europe, Middle East, Australia, Africa and the Americas.

ET solar president and chief executive officer Dennis She said that they have been partnering with CECEP since 2010 on PV system business development in Europe, and are pleased to take the collaboration to the next level through this strategic formation.

"The initiative offers a unique opportunity for us to combine our respective strengths to further develop the overseas PV markets," She added.

CECEP Solar, is a subsidiary of China Energy Conservation and Environmental Protection Group and is hopeful of making further inroads into the world PV market via this JV.