Lightway Solar America announced last week the execution of 62.8 Megawatts of contracts through their project development subsidiary, Lightway Solar America Project Development.
According to Lightway, the company “has implemented a sales model in which 11.9 MW of solar panels will be invested into these projects in exchange for equity positions with a commitment from their project partners to purchase the remaining 50.9 MW through executed supply agreements.”
The project pipeline consists of 11 different solar project development partners with a pipeline of projects ranging from 250 kW to 4.8 MW spread throughout New Jersey, Massachusetts, New York, North Carolina, Arizona, and California. With construction expected to begin immediately, Lightway is expecting 21 MW to be installed in Q4 of 2012 and the remaining 42 MW to be installed throughout 2013.
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“The earlier trends of integrating upstream have been successful in undersupplied markets, however, we recognize that in today’s market of oversupply and project financing difficulties, moving further downstream into project ownership will be a key factor towards our future growth and sustainability,” William Sien, President of LWSA PD, said. “Although our primary business model and expertise will remain in solar module manufacturing, we foresee project development and ownership of photovoltaic projects as key drivers to supplement our solar module sales throughout the North America region.”
“We are excited about the project pipeline, whose strong commercial and residential presence in US provides us with an excellent opportunity as we operate our business in the U.S,” added Wei Na, Global Sales and Marketing VP of LGNE, parent company of LSA. “We are confident our high-quality solar modules and customer service will contribute to the growth of the solar industry as a whole.”