ENN Group, Duke Energy Sign Agreement to Develop Solar Energy in the United States

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Researched by Industrial Info Resources (Sugar Land, Texas)--ENN Group (Langfang, Hebei), a private clean-energy solution provider in China, and Duke Energy (NYSE:DUK) (Charlotte, North Carolina) signed the Joint Development Agreement of Solar Energy in Langfang City of China's Hebei Province on October 23, 2009. ENN Group announced the following day that, among other leaders and representatives, those who attended the signing ceremony included Huang Mengfu, Vice Chairman of the Chinese People's Political Consultative Conference; Yang Congyong, Deputy Governor of Hebei Province; and Beverly Eaves Perdue, Governor of North Carolina.

According to the agreement, both parties eventually will set up a joint venture for businesses in the United States, such as building-integrated photovoltaics, by using the rich market resources of Duke Energy and the leading silicon-based film solar cells and integration technologies of ENN Group.

ENN Group and Duke Energy signed a memorandum of cooperation to accelerate development of low-carbon emissions and clean-energy technology at the Clinton Global Initiative 2009 Annual Meeting, held in New York on September 22, 2009.

The newly signed agreement will help the parties involved achieve the objectives defined in the memorandum of cooperation. "Both parties' cooperation will start from the joint development of a solar power project. Based on this, cooperation will be carried out on a higher level," said Cai Hongqiu, Vice President of ENN Group and CEO of ENN Photovoltaic Energy Company Limited.

As reported, the joint venture is to be established in the proportion of 50:50 in 2010. However, the final investment in the joint venture has not yet been finalized, which will be decided later based on the size of client demand.

The cooperation between ENN Group and Duke Energy has created a new energy cooperation mode for the export of Chinese technology and products to overseas market, said ENN Group in an announcement.

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