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Matinee Energy links with Hyundai and LG Electronics

Strategic alliance aiming for $1bn solar energy contracts.

Matinee Energy has signed a Memorandum of Understanding (MOU) and formed a strategic alliance with Hyundai Heavy Industries and LG Electronics to join as lead partners for a total of 240MW or $1bn contracts.

"We are excited by the unprecedented synergy that is attainable by bringing together high quality solar solutions, world-class construction, financial strength, localized green energy solutions, and infrastructure-based services," saud Michael Pannos, chairman of Matinee. "This announcement combined with the engagement of JP Morgan Securities to help with the Permanent Project Finance segment of the project, has finalized Matinee's total financing solutions for those projects. This strategic alliances gives Matinee the ability to reach economies of scale in both solar and wind turbine energy projects."

According to Matinee, The Industrial Company (TIC), a construction organization and a division of Peter Kiewit & Sons based in Colorado, and other construction and technology companies located in the US, will join in supporting the partnership. Matinee is targeting utility scale solar energy plants primarily in the Southwest US.