SunEdison Signs Master Purchase Agreement with NEXTracker for up to 1.85 GW of Trackers
SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, announced that it has awarded a master services agreement to NEXTracker, Inc. for the purchase of up to 1.85 gigawatts (GW) of trackers for the company's ground-mounted projects worldwide over the next three years, tied to an aggressive cost reduction roadmap.
"NEXTracker has developed a truly innovative tracker," said Ahmad Chatila, CEO of SunEdison. "The NEXTracker platform helps our systems generate more power, while reducing the total cost of ownership. We currently have multiple solar power plants which utilize NEXTracker, including a 73 megawatt (MW) project under construction in Chile that will benefit from its outstanding product features."
"We appreciate the opportunity to partner with SunEdison, a great visionary leader in solar," said Dan Shugar, CEO of NEXTracker. "NEXTracker increases solar project profits up to 10% by eliminating many of the design, cost and performance compromises inherent in standard trackers."
Dave Ranhoff, President of Solar Materials at SunEdison, added: "NEXTracker fits with our focus on Lean construction - it helps us accelerate construction schedules and reduce costs through minimal site grading, lower material and installation complexity and faster mechanical assembly."
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." To learn more visit www.sunedison.com.
About NEXTracker, Inc.
NEXTracker (www.NEXTracker.com) represents a significant breakthrough in horizontal tracking, with lower costs, better performance and more flexibility. Bringing together some of the most experienced professionals in the industry with over one gigawatt and many years of tracker installation experience, NEXTracker is uniquely positioned to deliver long overdue cost and time-saving innovations to large-scale solar projects. The company was founded in 2013 and is headquarter in Fremont, CA.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that that NEXTracker has been awarded a master services agreement by SunEdison for the purchase of up to 1.85 gigawatts (GW) of trackers for the company's ground-mounted projects worldwide over the next three years, tied to an aggressive cost reduction roadmap; and NEXTracker increases solar project profits up to 10% by eliminating many of the design, cost and performance compromises inherent in standard trackers. 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.