Lightway Solar America Inc., the U.S. subsidiary of Lightway Green New Energy Co. Ltd., has entered contracts to develop 62.8 MW of solar projects through its project development subsidiary, Lightway Solar America Project Development LLC.
The company has implemented a sales model under which 11.9 MW of solar panels will be invested into these projects in exchange for equity positions, with a commitment from project partners to purchase the remaining 50.9 MW through executed supply agreements.
The project pipeline includes 11 different solar project development partners. The PV installations, which range from 250 kW to 4.8 MW each, will be located throughout New Jersey, Massachusetts, New York, North Carolina, Arizona and California. Projects will begin construction immediately, with 21 MW scheduled for completion in the fourth quarter of 2012 and 42 MW to be built throughout 2013.