Feb 7th - Itochu Forms Holding Firm To Promote Solar Power Business In USA

Itochu Corp. on Tuesday created a holding company in California, which it claims to be the largest marketer of solar power generation systems in the United States, through management integration of its two local subsidiaries, the major trading house said.

The new firm, SolarNet Holdings LLC, aims to better compete against Chinese solar panel makers to tap rapidly growing U.S. demand for solar energy.

The holding company now owns all shares in Itochu's two subsidiaries -- SolarNet LLC and Solar Depot LLC, both based in California.

SolarNet operates DC Power Systems, a wholesale distributor of renewable energy products, and solar energy systems integrator Stellar Energy GP Inc.

Solar Depot is a wholesale distributor and systems integrator of solar electric and thermal systems.