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AMOCO/ENRON SOLAR TO FORM SOLAR
ROOFTOP JOINT VENTURE IN JAPAN
FOR IMMEDIATE RELEASE: Thursday, April 4, 1996
Houston -- Amoco/Enron Solar announced
today that it has signed a non-binding letter of intent (LOI)
with Misawa Homes Company Ltd. and MSK Corporation of Japan to
form a joint venture to produce and market integrated photovoltaic
(solar electric) rooftop systems for residential and commercial
use in Japan. Under the joint venture, the three partners will
design, market, sell, install, finance and service rooftop photovoltaic
systems in Japan using Amoco/Enron Solar's technology.
"The Japanese photovoltaic market will
be one of the largest in the world," said Robert C. Kelly,
co-chairman of the managing board of Amoco/Enron Solar. "We
are pleased to be working with these two excellent companies in
this market. The Japanese government has aggressively targeted
the penetration of solar rooftop electric systems in the residential
sector in Japan, and this joint venture intends to capture a large
share of this market."
Amoco/Enron Solar, headquartered in Frederick,
Maryland, manufactures and sells photovoltaic modules and energy
worldwide.
Misawa Homes Company Ltd., with annual production
of 40,000 pre-fabricated homes nationwide, is one of Japan's largest
home builders. Misawa is a pioneer in the
field of eco-energy/photovoltaic home development
and continues to lead the market in this and other technology
related developments. Amoco/Enron Solar also announced that it
has purchased a 3.2 percent interest in MSK.
MSK Corporation is the exclusive Solarex distributor
for Japan and has been involved in photovoltaics for 14 years.
The MSK manufacturing facility assembles modules and systems,
including the very successful roof-integrated photovoltaic home
system used by major Japanese home builders.
For additional information please contact:
Carol Hensley (Enron Corp.)
(713)853-6498
Sarah Howell (Solarex)
(301)698-4272
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