The 50 million yen (approx. US$600,000) subsidiary, HC Solar Japan, is fully funded and owned by HC Solar Power.
HC Solar Japan, incorporated in Shibuya district, Tokyo, Japan, will focus on solar cells, research and development of components, manufacturing, sales and related foreign trade as well as investment and operation of solar power stations.
"The Japanese government decided to enforce a new law that requires utilities to purchase renewable energy at a fixed price starting from July 1. A feed-in tariff of 42 yen per kWh will be paid for solar electricity over 20 years. The adoption of the feed-in tariff system will accelerate the development of ground-mounted PV power plants in the Japanese market, which was previously dominated by roof-mounted ones. Installed PV capacity in Japan is expected to reach 3GW this year, with ground-mounted power plants accounting for 67 percent," Mitsuhisa Ogawa, CEO of HC Solar Power Japan, said confidently.
HC Solar Power’s Marketing Manager Chris Tsai commented, "At present, there are three major sales models in Japan: cooperating with a system integrator, seeking an eligible distributor or agent, and setting up a subsidiary with its own sales team. I foresee our marketing strategy initially focusing on developing distribution channels, supported by contract manufacturing. The establishment of the Japanese subsidiary marks the first step in HC Solar Power’s aggressive expansion into new markets, setting a benchmark for other players seeking to enter new markets amid industry consolidation."