Swiss renewable energy firm Oerlikon Solar has announced that it is boosting its presence in Asia by investing in a new facility in Singapore, to develop and produce thin-film solar panels.
The firm noted that, as a result of its deals with CMC Magnetics and Auria Solar, it has two important customers in key Asian markets and that it plans to invest in Singapore to be in proximity to customers with dedicated local resources, including development and production capabilities. The facility will reportedly employ around 100 people and is planned to be completed within a year.
The firm expects its sales to rise to more than CHF700 million in 2008, with growth rates expected to exceed 50% over the next several years.
Jeannine Sargent, CEO of Oerlikon Solar, said: After an in-depth analysis we have decided on Singapore as our second facility alongside our solar headquarters in Truebbach, Switzerland.