The Supply Agreement was structured to have Lightway's project development subsidiary, LWSA Project Development LLC, invest a total of $2.55M in exchange for equity ownership.
Pristine Sun has been aggressively building their project development model by focusing primarily on the small business niche and has quickly become the leading developer of small utility scale projects in California.
Lightway has joined the emerging trend of module suppliers that are adding project ownership as a supplement to their manufacturing model in order to build market share throughout the United States.
William Sien, President of LWSA Project Development, said "Module suppliers operate in a challenging environment dominated by oversupply and project financing difficulties. Lightway has to take the initiative and be creative with new business models that pro-actively incorporate financing solutions for our customers. We feel that the Pristine Sun partnership not only supports our downstream integration into project ownership, but also will also help us strategically develop a brand name in California for the small commercial segment."
Troy Helming, CEO of Pristine Sun, said "With an abundance of module suppliers to choose from, we were looking for a partner that not only could provide a quality, bankable module, but a supplier that would also be willing to share the project financing responsibilities with Pristine Sun. With Lightway, we are confident that we have a partner that meets our quality standards and has a thorough understanding of the challenges project developers are facing in today's difficult conditions."
