Sunpreme Signs Master Supply Agreement with True Green Capital Management for up to 150 MW of Bifacial HCT modules aimed at Commercial & Industrial (C&I) Projects
SUNNYVALE, Calif., Sept. 11, 2017 /PRNewswire/ — Sunpreme, a US based solar Company providing innovative high-performance, high-yield Bifacial double glass PV modules at competitive prices, announced, at the SPI trade show, that it was awarded a Master Supply Agreement (MSA) by True Green Capital Management LLC (“TGC”), a distributed energy infrastructure asset management firm. TGC recently raised its $350 million True Green Capital Fund III, L.P. for which the investment thesis includes US based commercial and industrial solar projects. TGC recently commissioned a 16.5 MW roof top project for the Los Angeles Department of Water and Power (LADWP) of which 10 MW was delivered by Sunpreme.
Panos Ninios, TGC’s Managing Partner said, “Following over three years of very positive product and customer service experience, we are now glad to raise our relationship with Sunpreme to a significantly higher level. We expect that Sunpreme will expand its production capacity, ideally with a US based manufacturing facility that creates new US high paying jobs in the solar business, while providing our Fund III limited partners with a secure source of high quality solar panels at attractive prices.”
“We are gratified by the opportunity to partner with TGC, a visionary leader within the C&I space; it is currently a $20 billion segment, with a CAGR (Compound Annual Growth Rate) of over 15%,” said Ashok Sinha, the Chairman and CEO of Sunpreme. “We estimate that Sunpreme’s advanced technology increases solar project profitability by ~10% through increased energy production and systems level cost reductions, and expect for this to be sustainable, thanks to our innovation-driven cost roadmap,” he added.
Ilias Garidis, TGC Partner said, “We look forward to using Sunpreme’s high power modules rated 380W, 400W and 420W DC over the three-year term of this MSA. We are pleased with Sunpreme’s track record of continuous innovation coupled with a comprehensive warranty backed by Munich Re.”
“We are proud to deliver to TGC and our other global customers a winning combination of cost, power and yield through our proven HCT (Hybrid Cell Technology) platform and advanced module designs. This has enabled market-leading STC Power, Bifacial boost, thermal coefficient and zero LID, combined with a manufacturing yield of higher than 98% in our 24×7 factory operations.” stated Moris Kori, Sunpreme’s Chief Strategy Officer.
Sunpreme is a global PV Company, based in Sunnyvale, CA, with a WFOE (Wholly Foreign Owned Entity) in Jiaxing, near Shanghai, China. It is ranked among top three providers of high performance modules, with products deployed in 28 countries.
- With its high-power, Bifacial double glass module and services, Sunpreme provides better products at China-competitive prices. Our PV efficiency averages at 22%, with a roadmap going from 23% » 24.5% » 30% through advances in materials and device. Our products provide a competitive benefit within the high-growth $20B C&I market, positioned now to catch the next 10-year wave.
- Thanks to its proprietary HCT platform, Sunpreme has solved a major problem with the HIT technology, and demonstrated manufacturing yield at >98% in 24×7 operations, on larger 6″ Si wafers. Our factory is profitable, even at small scale.
- Sunpreme now faces a demand-driven opportunity to expand capacity, especially within the US. We are well positioned to deliver a benchmark in greater profit with growth, leading thereby to an extreme value-creating liquidity event in 3 to 5 years. Sunpreme is led by a team with a proven track record of commercializing innovations and delivering profitable growth at B$ scale. The Company provides an outstanding de-risked investment opportunity for: Creating a better alternative to current leading suppliers.
For more information, please visit: www.sunpreme.com
True Green Capital Management LLC is a specialized energy infrastructure asset management firm based in Westport, Connecticut with over $500 million in private equity capital under management. TGC has an operating portfolio of distributed solar power generation assets across nine states including New Jersey, California, Massachusetts, Idaho, Rhode Island, Connecticut, New York, Tennessee, and Vermont. The firm was founded in 2011 and is led by a team of investment professionals with a proven investment track record and a demonstrated capacity to originate, finance, construct and operate infrastructure investments.
True Green Capital is currently focused on the approximately $2 trillion distributed power generation market with an emphasis on the sub utility scale solar power segment. Thanks to rapid advancements in technology, the cost of distributed power generation, including solar, is now on par with traditional electricity generation sources and in many U.S. states it represents one of the few sources of new power generation infrastructure that can be added to the power network quickly, reliably and cost efficiently. TGC believes the continued increase of power prices and decreasing entry costs of distributed power generation technology will continue to lead to compelling investment opportunities which provide a stable cash flow stream with little to no correlation to the broader markets.
For more information, please visit: www.truegreencapital.com
SOURCE Sunpreme, Inc.
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