Lightway Solar America Inc. and Suntuity have entered into an agreement for Lightway to supply 22 MW of solar panels for 31 of Suntuity's solar projects located in New Jersey, Pennsylvania and California. The companies say the projects range in size, up to a 12 MW installation.
Also, as a part of the agreement, Lightway's project development subsidiary – LWSA Project Development LLC – will invest $4.37 million of equity in Suntuity.
‘Equity investment in properly structured solar projects is the right path for module suppliers such as Lightway to gain market share in today's challenging and highly competitive environment,’ says Steven Gifis, director of U.S. market strategy for Lightway. ‘We are very pleased to partner with Suntuity in developing their wide range of excellent solar projects.’
Suntuity is a global engineering, procurement and construction firm with extensive financial and technical solar experience. The company's global pipeline of renewable energy projects exceeds 500 MW.