Greentech Lead America: Lightway Solar America, the U.S.
subsidiary of Lightway Green New Energy Co., has signed agreement with Pristine
Sun wherein Lightway will supply 11.8 megawatts of solar panels for 12 projects
located throughout California ranging from 325 KW to 1.95 MW.
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.
Module suppliers are facing challenges due to oversupply
and project financing difficulties.
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, “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,” Sien added.
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.
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.”
According to Helming, Lightway meets their quality
standards and has a thorough understanding of the challenges project
developers are facing in today’s difficult conditions.