Ascent Solar Technologies Inc. (ASTI:US) agreed to build a manufacturing plant in eastern China.
Ascent will produce thin-film solar products in Suqian, in Jiangsu province, the Thornton, Colorado-based company said today in a statement.
In the first phase of the agreement, Ascent will own as much as 80 percent of a joint venture it will form with the city of Suqian. The solar company will provide $1.6 million in cash and equipment and the municipal government will contribute $32.5 million and rent-free use of a 270,000 square-foot facility.
The budget for the first phase is about $160 million and Ascent may purchase the plant anytime within five years at the initial construction cost. The partners expect the agreement to eventually include three phases.
To contact the editor responsible for this story: Will Wade at firstname.lastname@example.org