Matinee Energy, Inc. has announced the signing of a Pre-Master Agreement with K&Co., Ltd (K&C) of Korea to construct a 40 MW solar energy plant in California for up to US$ 200 million. These projects are part of Matinee Energy’s initial phase of solar projects and K&C will participate in subsequent phases for expanded capacities of energy plants.
K&Co. is a prominent KOSDAQ company that will join with a group of partners, namely, LS Industrial Systems Co., Ltd of Korea, CHINT Group Corporation of China and Ilyang Engineering & Construction Co., Ltd of Korea. Parties agreed that different companies would supply different specialty components, and the strategic alliance among constituents will help collaboration on cross-country and cross-company delivery of EPC components and equipment, toward maximising supply chain efficiency and construction of the energy plants on time and budget.
The parties intend to sign a definitive agreement on 3 September and implement terms of prior agreements.
Chin Kim, vice chairman of Matinee Energy, said, "K&Co. brings the expertise and experience of small to medium business to the table and its alliances with LSI, and CHINT, will help expedite the delivery of promising new technologies and products fit for the energy markets."
Technology solutions will be shared and localised for efficient integration among the constituents. It is the intention of the parties to establish an engineering and product development centre to pursue rapid expansion of the product lines, and features palatable and localised to a wider range of customer bases.
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