US vertically-integrated photovoltaics (PV) manufacturer SEG Solar plans to invest USD 500 million (EUR 456m) to develop a multi-gigawatt-scale production complex in Indonesia.
The Texas-based company announced on Monday that it signed a binding deal with state-owned industrial estate PT Kawasan Industri Terpadu Batang (KITB) for the lease of some 41 hectares of land in the Batang Regency, Central Java. The agreement is for a term of 80 years.
SEG’s plan is to build on this land a 5-GW solar cell production facility and a 3-GW solar module factory in a joint venture with local renewables investor ATW Group.
“[Indonesia] offers a supportive environment with favourable policies, taxation benefits and abundant silicon resources,” stated SEG’s chief executive Jim Wood.
The company, which is also looking to build a 2-GW factory at home in Houston, aims to have more than 5.5 GW of global panel production capacity in 2024. The Indonesian facilities, in particular, are expected to be completed in the second quarter of that year.
(USD 1.0 = EUR 0.913)
