SunEdison, Fox Energy Sign Solar Module Manufacturing Services Agreement
BELMONT, Calif., April 25, 2013 /PRNewswire/ -- SunEdison, a leading global solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that its affiliate, MEMC Singapore, entered into a photovoltaic module manufacturing services agreement with Fox Energy, the photovoltaic solar business subsidiary of Foxconn Technology, whereby Fox Energy will manufacture up to 350 megawatts (MW) of solar modules for SunEdison. The modules will be produced in a manufacturing facility located in Juarez, Mexico.
The agreement is part of SunEdison's virtual vertically integrated business strategy leveraging the manufacturing expertise of partners like Fox Energy and enabling SunEdison to bring high quality solar modules to market while continuing to reduce levelized cost of energy (LCOE).
"We're thrilled to partner with Fox Energy to produce our Silvantis™ family of solar modules," said Gokul Krishnan, general manager of SunEdison's solar module business unit. "Fox Energy's global footprint allows SunEdison to manufacture modules near our high growth end-markets which helps us keep costs down while meeting local content requirements."
As of December 31, 2012, SunEdison had interconnected over 989 MW of solar energy and had a pipeline of 2.6 GW. This relationship with Fox Energy will assist SunEdison in its global expansion.
"SunEdison's collaborative photovoltaic module supply agreement demonstrates our customer's recognition of Fox Energy quality, continuous technological enhancements and best-in-class after-sales services," said Dr. Jeffrey Lu, President of Fox Energy Inc. "Our automated PV module manufacturing process and stringent quality controls will help SunEdison meet the high standards their customers have come to expect."
The relationship between Fox Energy and SunEdison was facilitated in conjunction with the Borderplex Alliance, a bi-national economic alliance.
"This is proof positive that our bi-national region combines the best of what the U.S. and Mexico have to offer: World class manufacturing and technological innovation," said Rolando Pablos, Chief Executive Officer of The Borderplex Alliance. "We take pride in the fact that these two globally-recognized companies have chosen our region to launch this new venture. This announcement is foundational; it may very well prove to be the tipping point to our regional goal of becoming the solar energy development capital of North America."
Silvantis Solar Modules
Silvantis solar modules are designed to reduce LCOE for solar installations. The recently announced Silvantis F330 is a high-efficiency module that significantly reduces BOS costs versus multi-crystalline with leading edge technology. Additionally the Silvantis Solar Modules have attained a 1000V UL rating which allows more modules to be wired together in each string resulting in significant inverter cost savings. With fewer combiner boxes and wiring home-runs are needed due to industry leading high wattage, Silvantis is reducing balance-of-systems (BOS) costs for large-scale installations.
SunEdison is a global leader in delivering solar power. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. As of December 31, 2012, SunEdison had interconnected over 989 Megawatts of solar electricity throughout the world. For more information about SunEdison please visit www.sunedison.com. SunEdison is a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR).
About Fox Energy Inc.
Fox Energy Inc. is the photovoltaic solar business subsidiary of Foxconn Technology, a newly-emerging vigorous solar company focusing on gigawatt scale module manufacturing. The company is targeting in providing integrated solar power plant system hardwares to deliver an economically attractive total solution to its customers. For further inquiries, please send contact mail to Ping-Yin.Hou@Foxconn.com
About Borderplex Alliance
The Borderplex Alliance is a bi-national metro area of more than 2.7 million people, encompassing three states and two nations -- offering a globally competitive business environment. Led by the private sector, the primary mission of the Borderplex Alliance is to develop a world class regional economy thru advocacy of pro-development policy, attracting new jobs and foreign direct investment, and by assisting the expansion of the region's existing business/industry base.
Certain matters discussed in this press release are forward-looking statements, including that Fox Energy will manufacture up to 350 megawatts (MW) of solar modules for SunEdison. 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 normal commissioning risks attendant to large scale solar projects, delays or interruptions in construction, deployment or activation of the facility; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, and other risks described in MEMC's filings with the United States Securities and Exchange Commission. These forward-looking statements represent MEMC's judgment as of the date of this press release. MEMC disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE MEMC Electronic Materials, Inc.