Korean monocrystalline solar cell manufacturer, Shinsung E&G Co. will supply 64 MW of its products to the French subsidiary of Chinese solar company, Upsolar, according to Korean portal Pulse
The supply agreement is worth 21.1 billion WON (around US$19.7 million), and that shipments will be made from February 2018 to March 2020.
Shinsung’s cells will be used to assembly modules for PV projects exceeding 100 kW in size, a segment which will perform particularly well over the coming years, as a result of the tender series launched by the French government.
“We have recently signed a memorandum of understanding with France’s Voltec Solar to supply another 50 MW of cells and we expect to achieve better results this year due to our increasing supply contracts to China and the United States,” Shinsung stated, according to Pulse’s article.
Overall, the company’s contracts in the U.S. and China have a combined capacity of 200 MW. As for the Chinese contract, it was closed with local module manufacturer, Canadian Solar, while the U.S. client is local producer, Mission Solar Energy.
In March of 2017, Shinsung announced the achievement of a 21.7% solar cell efficiency at mass production, a result which was certified by SERIS (Solar Energy Research Institute of Singapore).
In January of this year, the company also announced its intention to sell 80% of its factory automation (FA) division and to use the proceeds from this operation to improve its solar business.
*the article was amended on Feb. 22, 2018, as we wrongly reported that the announcement of the supply agreement was made in a press release from Sinshung. The supply agreement, however, was revealed by Korean portal Pulse.