Lightway Solar America enters into agreement with Suntuity to supply 22 MW of photovoltaic modules12. November 2012 | By: Lightway Solar America
Lightway Solar America, Inc., the U.S. subsidiary of Lightway Green New Energy Co., Ltd., and Suntuity have entered in an agreement for Lightway to supply 22 megawatts of solar panels for 31 of Suntuity's solar projects located throughout New Jersey, Pennsylvania and California.
The projects range in various sizes including a 12 megawatt grid supply project. As part of their Agreement, Lightway's project development subsidiary, LWSA Project Development LLC will invest $4.37M of equity in Suntuity.
Suntuity is a global EPC with extensive financial and technical solar expertise. The partnership between Suntuity and Lightway will also open the doors for Lightway to offer Design, Engineering and Construction services to its module customers on very attractive terms.
Steven Gifis, Director of U.S. Market Strategy for Lightway, said, "Equity investment in properly structured solar projects is the right path for module suppliers such as Lightway to gain market share in today's challenging and highly competitive environment. We are very pleased to partner with Suntuity in developing their wide range of excellent solar projects."
Wei Na, Global Sales and Marketing VP of Lightway Green New Energy, further commented, "In today's challenging and dynamic solar environment, we are pleased to progress with the execution of our global business model which not only includes emphasis on quality, cost reduction and downstream integration into project financing, but an increased focus on expanding our footprint into strategic markets such as North America."
Dan Javan, CEO of the Suntuity Group of companies said, "Over the years, Solar Power has changed from a technological solution to a financial one. We are excited about our partnership with Lightway because of its conformance with our focus on vertical integration, high quality product delivery and strategic execution and because it combines the best that technology and solar financials have to offer."