US renewable energy developer Matinee Energy, Inc. announced that it has signed a Memorandum of Understanding (MOU) and formed a strategic alliance with Hyundai Heavy Industries Company Ltd. (Hyundai) and LG Electronics, Inc. (LGERF.PK), both of Korea.
Matinee said the companies will join as lead partners to build a total of 240 megawatts (MW) of solar power, equivalent to $1 billion contracts.
Matinee did not name a specific location for the power plants, but said it is focusing on utility-scale projects in the US Southwest.
The company also said it plans to add additional alliance partners.
Michael Pannos, Chairman of Matinee stated, “This announcement combined with the engagement of JP Morgan Securities, Inc. to help with the Permanent Project Finance segment of the project, has finalized Matinee’s total financing solutions for those projects. This strategic alliances gives Matinee the ability to reach economies of scale in both solar and wind turbine energy projects.”
According to Matinee, The Industrial Company (T.I.C.), which is based in Colorado, as well as other construction and technology companies located in the U.S., will join in supporting this announcement and provide their specific services and resources. T.I.C. is a division of Peter Kiewit & Sons, a construction organization with combined annual revenues of over $9 billion.
LG Group last week announced plans to invest $18 billion over the next 10 years to reduce its greenhouse gas emissions and expand it business in energy efficient and renewable energy products.
Earlier this month Hyundai Heavy announced its entry into the Chinese wind power industry through a MOU to jointly develop a turbine manufacturing plant with Datang Shandong Power Generation Co., LTD.
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