JX Energy Wins Sales Rights for First Solar Products

(Corrects currency conversion in final paragraph.)

JX Nippon Oil & Energy Corp. (5020), Japan’s largest refiner, won exclusive rights to sell First Solar Inc. (FSLR)’s photovoltaic panels in Japan.

The companies reached an agreement in October, JX Energy said today in a statement. The accord runs through April 2015 and the companies are negotiating what they’ll do after that.

JX Energy, based in Tokyo, said on April 10 that it was seeking exclusive rights to sell First Solar’s panels using technology developed by TetraSun, a day after First Solar said it had acquired TetraSun from JX Energy and other investors.

First Solar plans to invest 10 billion yen ($100 million) to develop solar power stations in Japan within several years, the Nikkei newspaper said today, without citing anyone.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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