SunEdison and Huantai Expand Partnership To Serve Rapidly Growing Chinese Market
SunEdison, Inc. (NYSE: SUNE), a leading solar developer and technology provider, announced it has entered into a comprehensive agreement with Huantai Group, a Chinese solar PV (photovoltaic) company specializing in manufacturing high quality solar wafers, to develop solar projects and supply key materials, technologies and services for the Chinese market.
Together, both companies expect to build up to 1.7 GW (gigawatts) of solar projects in China over the next five years. SunEdison will supply Huantai with polysilicon from its new FBR polysilicon plant in Korea, supporting both companies' subsequent project needs.
"This expanded partnership is a great step forward for SunEdison as we continue our growth in the Chinese market," said Ahmad Chatila, President and CEO of SunEdison. "China has become one of the world's largest and most important solar markets and this agreement with the highly respected Huantai Group positions both companies for rapid and profitable growth."
"SunEdison is a long-term partner for our company, and we are honored to work with them to expand the positive impact of solar energy across China," said Chairman Wang Lu Bao of the Huantai Group. "This partnership is mutually beneficial for all involved, and we look forward to completing our near-term projects, and launching our long-term efforts together."
Under the terms of the partnership, SunEdison will produce polysilicon for Huantai Group to manufacture high-quality solar wafers. Both SunEdison and Huantai will utilize the solar wafers as they work together to build up to 1.7 GW of solar projects in China over the next five years.
"This long-term partnership to supply polysilicon and other solar services is a testament to our continued commitment to quality and our ability to develop mutually beneficial strategic partnerships," said David Ranhoff, President of Solar Materials at SunEdison. "Our strength in delivering value across the solar supply chain is once again allowing us to grow in a key international market."
Once operational the solar systems will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve SunEdison's products, project designs and service offerings.
About Huantai Group
Huantai Group, founded in 1988, is a Chinese-based organization engaged in the solar PV, LED sapphire, optoelectronic materials and related businesses. Spanning an area of 2 million square meters, Huantai Group's manufacturing core is built upon 20 years of development and business expertise. As a pioneer in the Chinese silicon wafer industry, Huantai's strategy is to develop close working cooperation with key strategic partners around the world to actively grow the global PV industry. To learn more visit www.ht-stech.com
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the companies expect to build up to 1.7 GW of solar projects in China over the next five years. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
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