SunEdison Adds Key Solar Cell Supplier To Meet Growing Demand Korea Based Shinsung Solar Energy to Supply SunEdison with High-Efficiency Solar Cells Through 2016
BELMONT, Calif., April 3, 2014 /PRNewswire/ -- SunEdison (NYSE: SUNE), a leading solar technology developer and provider of solar energy services announced today that it has signed an agreement with Shinsung Solar Energy.
Under the terms of the three-year agreement SunEdison expects to purchase 660 MW (megawatts) of high efficiency solar cells manufactured by Shinsung with SunEdison solar wafers.
"As our global business grows, we are pleased to begin a relationship with Shinsung to help meet our demand," said David Ranhoff, President Solar Materials, SunEdison. "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. 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."
"SunEdison is a leading developer of utility and commercial solar projects around the world," said Wan-Keun Lee, chairman and CEO of Shinsung. "We look forward to collaborating with SunEdison to meet their performance and cost requirements today and in the future."
SunEdison is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering predictably priced solar energy and services for its commercial, government and utility customers. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that it is estimated that 660MW solar cells would be supplied over the contract period. 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.