ISELIN, N.J., Nov. 12, 2012 (SEND2PRESS NEWSWIRE) -- Lightway Solar America, Inc., the U.S. subsidiary of Lightway Green New Energy Co., Ltd., and Suntuity have entered in an agreement for Lightway to supply 22 megawatts of solar panels for 31 of Suntuity's solar projects located throughout New Jersey, Pennsylvania and California. The projects range in various sizes including a 12 megawatt grid supply project. As part of their Agreement, Lightway's project development subsidiary, LWSA Project Development LLC will invest $4.37M of equity in Suntuity.
Suntuity is a global EPC with extensive financial and technical solar expertise. The partnership between Suntuity and Lightway will also open the doors for Lightway to offer Design, Engineering and Construction services to its module customers on very attractive terms.
Steven Gifis, Director of U.S. Market Strategy for Lightway, said "Equity investment in properly structured solar projects is the right path for module suppliers such as Lightway to gain market share in today's challenging and highly competitive environment. We are very pleased to partner with Suntuity in developing their wide range of excellent solar projects."
Wei Na, Global Sales and Marketing VP of Lightway Green New Energy, further commented, "In today's challenging and dynamic solar environment, we are pleased to progress with the execution of our global business model which not only includes emphasis on quality, cost reduction and downstream integration into project financing, but an increased focus on expanding our footprint into strategic markets such as North America."
Dan Javan, CEO of the Suntuity Group of companies said, "Over the years, Solar Power has changed from a technological solution to a financial one. We are excited about our partnership with Lightway because of its conformance with our focus on vertical integration, high quality product delivery and strategic execution and because it combines the best that technology and solar financials have to offer."
Suntuity(R) designs, builds and maintains solar and wind energy solutions for residential, commercial and utility-scale markets around the world. Using innovative financing solutions, in-depth technical expertise, global experience and embedded process knowledge, Suntuity delivers the best quality products and solutions that maximize the output and return on investment for their clients. Through the use of Innovative Business Practices, Suntuity makes Best-in-Class Renewable Energy products and solutions affordable. With a global pipeline of over 500 Megawatts, Suntuity's team of Professional Engineers, Certified Project and Construction Managers, Delivery personnel and Support staff are strategically positioned to deliver leading edge global turn-key solutions.
For more information, visit http://www.suntuity.com/ or call 1-855-SUNTUITY.
About Lightway Green New Energy Co., Ltd.:
Lightway Green New Energy is world class, vertically integrated solar panel manufacturer with 660 MW of balanced, production capacity that incorporates ingot, wafer, cell and module manufacturing. The manufacturing plant is located in a futuristic Science and Technology Park based in Gaobeidian, China that spans 2.3M square feet and is the home to over 5,000 employees. With a strong financial portfolio and the support of their strategic partnerships, Lightway will continue to expand and plans to reach 1500 MW in 2014.
One of the strategic markets for Lightway is the development of the U.S. region through their subsidiary, Lightway Solar America, Inc. which has a sales office in New Jersey and warehouses on both the east and west coast. For more information, visit http://www.lightwaysolaramerica.com/
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