BP Agrees to Acquire Agere's Semiconductor Plant in Madrid
BP (UK) announced that it has agreed in principle to acquire Agere Systems's (Allentown, PA) semiconductor plant in Madrid as a base for a five-fold expansion of its solar photovoltaic cell manufacturing in Spain. This expansion builds on the company's existing manufacturing and marketing operations in Madrid. The deal is expected to be completed within the next few months.
BP plans to invest over $100.0 million in the project, which is situated to the north of Madrid. Around 600 new jobs will be created when the plant is fully functional. It will be one of the largest solar plants in the world, producing 60MW per year of high-efficiency, crystalline-silicon, Saturn solar cells, with the potential to expand further. The plant is expected to begin production by the end of 2002.
BP Spain President Luis Javier Navarro commented, "Solar power is increasingly helping to meet the energy needs of the Spanish people, while protecting our environment. BP is pleased to be part of this positive contribution to the lives of our fellow citizens."