Ascent Solar has terminated an agreement for developing a solar photovoltaic module manufacturing facility in Suqian, China. The factory is to have the capacity to produce 100 megawatts of CIGS thin film modules annually.
The company has stated the lack of availability of technical skills among other reasons for backing out of the deal.
Ascent had signed the agreement with the government of the municipal city of Suqian in Jiangsu Province, China in December 2013. The deal was mutually terminated on August 5.
PV Magazine, citing an SEC filing on August 11 reports that the joint venture “progressed more slowly than originally anticipated due to a number of factors including short supply of needed technical skills in the Suqian area and other factors affecting the long term viability of the partnership”.
Ascent had invested $320,000 on the project while Suqian contributed $960,000, the report says.
Ajith Kumar S