California Solar Startup and German Industrial Giant Forge Partnership
source: Green Inc
The German industrial giant Ferrostaal will use solar technology from the California startup eSolar in power plants to be built in Europe, the Middle East and South Africa.
The partnership, announced on Thursday, comes a month after eSolar, which is backed by Google and other investors, signed an agreement with a Chinese industrial company to build solar power plants that would generate 2,000 megawatts of electricity.
Last year, eSolar agreed to license its technology to an Indian developer that plans to build solar projects with a total capacity of 1,000 megawatts.
Bill Gross, eSolar’s founder and chairman, said the Ferrostaal agreement continues the startup’s strategy of striking deals with deep-pocketed partners who can bankroll multibillion-dollar solar farms at a time when credit remains tight.
“They have access to capital and they have enough of a balance sheet that they can put a guarantee on a plant that a bank will trust and come up with the money,” said Mr. Gross in an interview. “We’re looking for partners all over that have that kind of strength to make these plants go forward.”