US solar giant SunEdison has inked a deal with South Korea’s Shinsung Solar Energy, which will supply 660 MW (megawatts) of high efficiency solar cells.
“We’ve strategically selected partners in multiple geographies to ensure we are utilizing high performance, cost effective solar cells while complying with regional sourcing requirements,” said David Ranhoff, President Solar Materials, SunEdison.
“This agreement with Shinsung is another step forward in our ongoing efforts to strengthen our asset-light supply chain while delivering maximum performance and value to our customers.”
The solar cells will be made by Shinsung with silicon wafers supplied by SunEdison.
It’s again been a busy few weeks for SunEdison.
In other recent news, the company announced a major milestone had been reached – it had shipped over 1 gigawatt of its Silvantis Solar PV modules, making the company one of the top 5 solar module manufacturers in the world.
The company also announced it had sold a majority stake in the SundEdison developed 50MW San Andres project in Chile; the largest merchant solar power plant in Latin America and one of the largest facilities of its type in the world. The solar farm was sold to a group of investors, including EverStream Energy Capital Management LLC and Claro y Asociados.
Last week, the company said it had also sold a portfolio of projects to its yieldco, using a $250 million facility secured from Goldman Sachs. A “yieldco” is a relatively new way to finance renewable energy projects and issue dividends to investors.
Also last week, SunEdison announced a series of transactions expected to accompany its initial public offering (IPO) of the company’s semiconductor division, SunEdison Semiconductor Limited (SSL)
Headquartered in Belmont, California, SunEdison has manufacturing plants and 39 offices located throughout North America, Europe and Asia. The company now has close to 2 gigawatts of solar capacity under its management.
