Itochu Corp. (TSE: 8001) is acquiring a 43% stake in Italy’s Greenvision Ambiente Photo-Solar (GAPS) for roughly US$11.5 million, according to the Japanese financial daily Nikkei.
GAPS began marketing solar power systems this year. It is a member of the Greenvision ambiente SpA group, which has sales representatives throughout Italy. The company is currently negotiating contracts for up to 170 megawatts (MW) of combined power-generating capacity, according to the report, and is expeted to exceed US$143 million in revenue this year.
Itochu will supply the company with solar modules produced in Japan, the U.S. and Asia.
The company acquired a U.S. marketer of solar power systems in 2007 and invested in a Nowegian company in May 2008, according to the report.
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